WSR 07-17-163




[ Insurance Commissioner Matter No. R 2007-09 -- Filed August 22, 2007, 7:38 a.m. ]

Subject of Possible Rule Making: Sale of juvenile life insurance policies.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.23.345.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Some life insurers may not have established sufficient underwriting standards and procedures to prevent the sale of life insurance policies on the lives of juveniles for speculative or fraudulent purposes. The proposed rules would establish minimum requirements to be included in insurers' underwriting guidelines and procedures in the sale of life insurance policies on the lives of juveniles.

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 September 24, 2007.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Kacy Scott, P.O. Box 40260, Olympia, WA 98504-0260, e-mail, fax (360) 586-3109.

August 22, 2007

Mike Kreidler

Insurance Commissioner

Washington State Code Reviser's Office