PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: Annuity and deposit fund disclosure regulation, WAC 284-23-300 through 284-23-370.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.30.010, 48.30.090.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: This regulation was selected for review in the commissioner's regulatory improvement program. The regulatory scheme has not been updated since 1980. The National Association of Insurance Commissioners recently adopted a new model regulation for annuity disclosure. The commissioner will review that model as well as other recent models and contemplate possible changes to better protect Washington consumers. Among the changes that will be considered are requiring that insurers provide an Annuity Buyer's Guide to prospective buyers and an annual statement of the performance of an annuity to purchasers.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.
Process for Developing New Rule: Agency study; and comments regarding this rule by July 23, 1999, to Kacy Brandeberry, P.O. Box 40255, Olympia, WA 98504-0255, phone (360) 664-3784, fax (360) 664-2782, Internet KacyB@oic.wa.gov.
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) 664-3784, fax (360) 664-2782, Internet KacyB@oic.wa.gov.
June 23, 1999
Robert A. Harkins
Chief Deputy Commissioner