WSR 15-13-101
[Insurance Commissioner Matter No. R 2015-07—Filed June 16, 2015, 9:23 a.m.]
Subject of Possible Rule Making: Sharing of commissions by licensed insurance producers.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060 and 48.17.005.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: In August of 2014 the commissioner adopted rules providing guidance to licensed insurance producers as to what may or may not constitute sharing commissions with nonlicensed persons. During the 2015 legislative session, legislation was enacted that amended some of the statutes regarding what constitutes rebates and inducements, which in turn impacts the rules adopted in 2014. Therefore, the commissioner will consider rules to amend and/or adopt new rules to provide guidance to insurance producers regarding the sharing of commissions in conformance with this new legislation (ESSB 5743).
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 July 31, 2015, to Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258,
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,, fax (360) 586-3109.
June 16, 2015
Mike Kreidler
Insurance Commissioner