PREPROPOSAL STATEMENT OF INQUIRY
OFFICE OF THE
[Insurance Commissioner Matter R 2020-09—Filed June 2, 2020, 9:08 a.m.]
Subject of Possible Rule Making: Life insurance, behavioral change incentives (SSB 6052).
Statutes Authorizing the Agency to Adopt Rules on this Subject: SSB 6052 (chapter 197, Laws of 2020, effective date July 1, 2020); RCW 48.02.060
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The legislature passed SSB 6052 during the 2020 legislative session. The bill exempts life insurers offering products or services that are intended to incentivize behavioral changes from other insurance rebating and inducement statutes in Title 48
RCW. Based on the legislation, the office of the insurance commissioner needs to develop rules to establish standards for ensuring that incentives are directed to sharing the benefit of improving risk experience, minimum product or service standards to protect policy holder privacy rights and safeguard consumer protection in the administration of these products and services.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Not applicable.
Process for Developing New Rule: Agency study.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Scott Bird, 302 Sid Snyder Avenue S.W., Olympia, WA 98504, phone 360-725-77169 , fax 360-586-3109, TTY 360-586-0241, email firstname.lastname@example.org, website www.insurance.wa.gov.
June 2, 2020