WSR 97-20-140

PREPROPOSAL STATEMENT OF INQUIRY

INSURANCE COMMISSIONER'S OFFICE

[Insurance Commissioner Matter No. R 97-4--Filed October 1, 1997, 10:47 a.m.]

Subject of Possible Rule Making: Modification of rules regarding consumer buying guides and disclosure forms for life insurance products.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The current rules (for example WAC 284-23-200 through 283-23-270) are out of date and should be amended. Additionally, legislation was passed that affects current life insurance disclosure regulations.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: No other agencies regulate disclosure to the public in the sale of life insurance policies.

Process for Developing New Rule: Agency study; and submit comments in writing to Kacy Brandeberry by November 15, 1997. For questions concerning the content of the possible rule(s), call Jon Hedegard, (360) 664-4615.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Kacy Brandeberry, P.O. Box 40255, Olympia, WA 98504-0255, phone (360) 664-3790, FAX (360) 586-3535, TDD (350) [(360)] 664-3154, Internet KacyB@oic.wa.gov.

October 1, 1997

Greg J. Scully