WSR 16-23-163 PERMANENT RULES OFFICE OF INSURANCE COMMISSIONER [Insurance Commissioner Matter No. R 2016-14—Filed November 23, 2016, 10:27 a.m., effective December 24, 2016] Effective Date of Rule: Thirty-one days after filing.
Purpose: The purpose of the rule is to adopt the valuation manual for principle based reserving for life insurance companies.
Other Authority: RCW 48.74.100.
Adopted under notice filed as WSR 16-21-067 on October 17, 2016.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 2, Amended 0, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 2, Amended 0, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 2, Amended 0, Repealed 0.
Date Adopted: November 23, 2016.
Mike Kreidler
Insurance Commissioner
SUBCHAPTER A: ADOPTION OF VALUATION MANUAL
NEW SECTION
WAC 284-74-600 Authority, purpose, and definition.
(1) The purpose of this subchapter is to formally adopt the valuation manual adopted by the National Association of Insurance Commissioners as specified in chapter 48.74 RCW.
(2) "Valuation manual" has the meaning set forth in RCW 48.74.015.
NEW SECTION
WAC 284-74-610 Determination of operative date of valuation manual.
(1) The insurance commissioner hereby makes the following determination:
(a) The valuation manual was adopted by the National Association of Insurance Commissioners on December 2, 2012, by an affirmative vote of forty-three members, representing over three-fourths of the members voting.
(b) The standard valuation law, as amended by the National Association of Insurance Commissioners in 2009, or legislation including substantially similar terms and conditions, has been enacted by states representing over eighty-five percent of the direct premiums written as reported in the following annual statements submitted in 2008: Life, accident and health annual statements; health annual statements; or fraternal annual statements.
(c) The standard valuation law, as amended by the NAIC in 2009, or legislation including substantially similar terms and conditions, has been enacted by forty-six states.
(2) Therefore, the operative date of the valuation manual for this state is January 1, 2017.
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