WSR 16-07-083
PREPROPOSAL STATEMENT OF INQUIRY
OFFICE OF
INSURANCE COMMISSIONER
[Insurance Commissioner Matter No. R 2016-05—Filed March 17, 2016, 2:41 p.m.]
Subject of Possible Rule Making: Title insurance agent escrow practices and accounts.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060 and 48.29.005.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Currently independent escrow agents are licensed by the department of financial institutions and are subject to extensive rules and regulation[s] by that agency, from which title insurance companies and title insurance agents are exempt. The commissioner will consider adopting similar rules regulating the escrow practices of title insurance agents.
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 May 31, 2016, to Jim Tompkins, P.O. Box 40260, Olympia, WA 98504-0260, e-mail rulescoordinator@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 40260, Olympia, WA 98504-0260, e-mail rulescoordinator@oic.wa.gov, fax (360) 586-3109.
March 17, 2016
Mike Kreidler
Insurance Commissioner