OFFICE OF THE
[Insurance Commissioner Matter R 2018-13—Filed November 28, 2018, 5:06 p.m., effective December 29, 2018]
Effective Date of Rule: Thirty-one days after filing.
Purpose: The commissioner has adopted this rule to update the accounting requirements for licensing in the state of Washington for charities offering charitable gift annuities to comport with a change in accounting rules.
Citation of Rules Affected by this Order: Amending WAC 284-38-010.
Adopted under notice filed as WSR 18-21-159 on October 22, 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Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.
Number of Sections Adopted at the Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's own Initiative: New 0, Amended 1, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.
Number of Sections Adopted using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 1, Repealed 0.
Date Adopted: November 28, 2018.
AMENDATORY SECTION(Amending WSR 14-05-017, filed 2/10/14, effective 3/15/14)
The definitions in this section apply throughout this chapter:
"Certificate holder" means any insurer or educational, religious, charitable, or scientific institution that has been issued a certificate of exemption by the commissioner to conduct a charitable gift annuity business.
"Complete filing" means a package of information containing charitable gift annuity contracts, supporting information, documents and exhibits submitted to the commissioner electronically using the system for electronic rate and form filing (SERFF).
"Contract" means a charitable gift annuity contract as described in chapter 48.38
"Date filed" means the date a complete charitable gift annuity contract filing has been received and accepted by the commissioner.
"Filer" means a person, organization, or other entity that files charitable gift annuity contracts with the commissioner.
"Objection letter" means correspondence sent by the commissioner to the filer that:
(a) Requests clarification, documentation or other information;
(b) Explains errors or omissions in the filing; or
"SERFF" means the system for electronic rate and form filing. SERFF is a proprietary National Association of Insurance Commissioners (NAIC) computer-based application that allows filers to create and submit rate, rule, and form filings electronically to the commissioner.
"Unrestricted net assets" also means "net assets without donor restrictions."