WSR 16-12-080 PREPROPOSAL STATEMENT OF INQUIRY OFFICE OF INSURANCE COMMISSIONER [Insurance Commissioner Matter No. R 2016-14—Filed May 31, 2016, 10:44 a.m.]
Subject of Possible Rule Making: Principle based reserving (PBR).
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060 and sections 5 (4)(e) and (g), 6 (4)(g), 12, 13(5), 16 (3)(a), and 18 (7)(h)(viii), chapter 142, Laws of 2016.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: During the 2016 legislative session, chapter 142, Laws of 2016 (SB 5180) regarding PBR for life insurance companies was enacted. Under this rule making the commissioner will consider adopting new rules and/or amend existing rules to implement SB 5180.
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 15, 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.
May 31, 2016
Mike Kreidler
Insurance Commissioner
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