INSURANCE COMMISSIONER

[Insurance Commissioner Matter R 2018-08—Filed November 21, 2018, 12:43 p.m., effective January 1, 2019]

Effective Date of Rule: January 1, 2019.

Purpose: Clarify language which currently exists in statute to correct a reference from the Financial Industry Regulatory Authority (FINRA) to the Washington department of financial institutions.

Citation of Rules Affected by this Order: Amending WAC 284-17-015.

Statutory Authority for Adoption: RCW 48.02.060, 48.17.005, and 48.18A.070.

Adopted under notice filed as WSR 18-19-094 on September 18, 2018.

Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.

Number of Sections Adopted at the Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.

Number of Sections Adopted on the Agency's own Initiative: New 0, Amended 1, Repealed 0.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 1, Repealed 0.

Number of Sections Adopted using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 1, Repealed 0.

Date Adopted: November 21, 2018.

Insurance Commissioner

AMENDATORY SECTION(Amending WSR 09-02-073, filed 1/6/09, effective 7/1/09)

WAC 284-17-015Variable life and variable annuity products—Standards for resident licenses.

(1) ((Resident insurance))Any producer((s)) who desires to sell, solicit or negotiate variable life and variable annuity products in this state must:

(a) Obtain a securities salesperson license from the department of financial institutions for a FINRA member broker-dealer; and

(b) If a resident of this state, obtain and maintain an insurance producer license with ((a))the life line of authority and ((an appropriate securities license from the Financial Industry Regulatory Authority (FINRA). Upon presentation of satisfactory evidence that the producer has fulfilled this requirement,))the variable life and variable annuity line of authority; or

(c) If a nonresident of this state, obtain and maintain a producer license with the life line of authority and the variable life and variable annuity line of authority in their resident or home state in order to be eligible to apply for and be issued a nonresident license in this state.

(2) The commissioner will only issue a resident or nonresident producer license with ((a))the variable life and variable annuity ((products)) line of authority when satisfactory evidence has been received that the producer has fulfilled the applicable requirements of subsection (1) of this section.

(((2)))(3) All licensees with the variable life and variable annuity products line of authority are also subject to the licensing requirements set forth in RCW 48.18A.060.