WSR 16-15-068

PREPROPOSAL STATEMENT OF INQUIRY

[Insurance Commissioner Matter No. R 2016-20—Filed July 18, 2016, 3:23 p.m.]

Subject of Possible Rule Making: Privacy of consumer financial information.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.43.505, Gramm-Leach-Bliley Act, Public Law 102-106, sec. 501(b), sec. 505 (b)(2), and Fixing America's Surface Transportation (FAST) Act, Public Law 114-94, sec. 75001.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The Gramm-Leach-Bliley Act requires that financial institutions (which includes insurers and carriers) provide an annual notice of the privacy policy of the financial institution to its clients. The FAST Act which was recently enacted by congress amended this requirement to permit financial institutions to not provide the annual notice providing certain exceptions are complied with. Under this rule making the commissioner will consider amending existing rules to comport with this change in federal law.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.

Process for Developing New Rule: Submit written comments by September 1, 2016, to Jim Tompkins, P.O. [Box] 40260, Olympia, WA 98504-0260, e-mail rulescoordinator@oic.wa.gov, fax (360) 586-3109.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Jim Tompkins, P.O. [Box] 40260, Olympia, WA 98504-0260, e-mail rulescoordinator@oic.wa.gov, fax (360) 586-3109.

July 18, 2016

Mike Kreidler

Insurance Commissioner