PREPROPOSAL STATEMENT OF INQUIRY
INSURANCE COMMISSIONER
Subject of Possible Rule Making: Licensing of life settlement providers and brokers, financial responsibility requirements of life settlement providers, annual reporting of life settlement providers, contract and rate filing of life settlement providers and brokers, standards for evaluating reasonableness of payments, disclosure forms, and verification of coverage form.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, sections 3, 7, 13 and 20, chapter 104, Laws of 2009.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The Life Settlements Act (chapter 104, Laws of 2009) was enacted by the 2009 legislature. The act repeals the existing sections in chapter 48.97 RCW on viatical settlements and replaces them with new sections on life settlements. Under this rule making, the commissioner will consider options that will set forth: The licensing requirements for life settlement providers and brokers, the financial responsibility and annual reporting requirements of life settlement providers, contract and rate filing requirements for life settlement providers and brokers, standards for evaluating the reasonableness of payments, and required forms.
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 September 14, 2009, to Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, e-mail jimt@oic.wa.gov, fax (360) 586-3109.
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 40258, Olympia, WA 98504-0258, e-mail jimt@oic.wa.gov, fax (360) 586-3109.
August 5, 2009
Mike Kreidler
Insurance Commissioner