WSR 18-18-088

PREPROPOSAL STATEMENT OF INQUIRY

OFFICE OF THE

INSURANCE COMMISSIONER

[Insurance Commissioner Matter R 2018-13—Filed September 4, 2018, 4:17 p.m.]

Subject of Possible Rule Making: Charitable gift annuities.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060 and 48.38.075.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Recent financial accounting rule changes, FASB ASU 2016-14, have changed the definition of what is considered unrestricted net assets for charities. The commissioner will consider adopting rules to update the accounting requirements for licensing in the state of Washington for charities offering charitable gift annuities to comport with this change in accounting rules.

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 October 19, 2018.

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 40620, Olympia, WA 98504-0260, phone 360-725-7036, fax 360-586-3109, TTY 360-586-0241, email rulescoordinator@oic.wa.gov, web site www.insurance.wa.gov.

September 4, 2018

Mike Kreidler

Insurance Commissioner