WSR 17-19-026 PERMANENT RULES OFFICE OF
INSURANCE COMMISSIONER
[Insurance Commissioner Matter No. R 2017-02—Filed September 11, 2017, 9:47 a.m., effective October 12, 2017] Effective Date of Rule: Thirty-one days after filing. Purpose: Amend or repeal obsoleted statutory citations to domestic insurer investments. Citation of Rules Affected by this Order: Repealing WAC 284-16-100 and 284-16-110; and amending WAC 284-13-280 and 284-44-330. Other Authority: Chapter 48.13 RCW. Adopted under notice filed as WSR 17-16-161 on August 1, 2017. Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0. Number of Sections Adopted at the Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0. Number of Sections Adopted on the Agency's own Initiative: New 0, Amended 2, Repealed 2. Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0. Number of Sections Adopted using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 2, Repealed 2. Date Adopted: September 11, 2017. Mike Kreidler Insurance Commissioner
AMENDATORY SECTION (Amending WSR 93-19-010, filed 9/1/93, effective 10/2/93)
WAC 284-13-280 Real estate appraisals.
(((1) Except as provided in subsection (2) of this section, for purposes of RCW 48.13.120(1) and 48.13.140, an insurer may rely on an appraisal that is less than one year old.
(2))) An insurer may not rely on an appraisal if the insurer knows or should know that the appraisal is not reliable. An appraisal may be "not reliable" because it was incorrect when done, because conditions affecting the property have changed, or for other reasons.
REPEALER
The following sections of the Washington Administrative Code are repealed:
AMENDATORY SECTION (Amending WSR 82-23-010, filed 11/5/82, effective 1/1/83)
WAC 284-44-330 Agreement guaranteed by a deposit of cash or securities.
(1) If, pursuant to RCW 48.44.030, the agreement is guaranteed by a deposit of cash or securities, ((such)) the deposit ((shall)) must be in an amount equal to the greater of (i) one hundred fifty thousand dollars, or (ii) one-twelfth of the total sum of money received during the preceding calendar year as prepayment for health care services, except as provided by WAC 284-44-340.
(2) Securities eligible for ((such)) the deposit ((shall be)) are those set forth in RCW ((48.13.040, 48.13.050, 48.13.080, 48.13.100, 48.13.200, and 48.13.220. The commissioner may, upon advance approval, allow other securities to be included as deposits pursuant to RCW 48.13.250)) 48.13.009 (12), (14), and 48.13.061 (2) and (4).
(3) In determining the value to be assigned to securities for compliance with the depository requirements, market value ((shall be)) is the measurement.
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