PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: Revise WAC 284-24-065 to simplify process for insurers to demonstrate rates comply with RCW 48.19.020.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.19.020, 48.19.080.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Insurers are required to submit data that shows they have considered their cost of capital when establishing their rates. The commissioner will consider rules that will make it easier for insurers to show their rates will produce a reasonable operating ratio.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.
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. Please submit written comments by October 31, 2003, to Kacy Scott, P.O. Box 40255, Olympia, WA 98504-0255, e-mail Kacys@oic.wa.gov, fax (360) 586-3109.
September 3, 2003