PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: The insurance commissioner is considering new rate and form filing procedures and requirements that will require insurers to file property, casualty, disability, life and annuity products through the system for electronic rate and form filing (SERFF). SERFF is a key component of the National Association of Insurance Commissioners (NAIC) speed to market initiative. The SERFF system enables insurance companies to send and states to receive, comment on, and approve or reject insurance industry rate and form filings. SERFF offers a decentralized point-to-point, web-based electronic filing system. SERFF facilitates communication, management, analysis and electronic storage of documents and supporting information. The system is designed to improve the efficiency of the rate and form filing and approval process and to reduce the time and cost involved in making regulatory filings. As part of this rule-making process, the insurance commissioner will consider rate and form filing procedures that are compatible with electronic filings. The insurance commissioner will evaluate and consider all general rate and form filing procedures, and may propose rules to clarify rate and form filing requirements now included in chapters 284-20, 284-24, and 284-58 WAC.
The commissioner will also consider adopting procedural rules for filing motor vehicle service contracts.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.110.150.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: New rules will streamline rate and form filing processes and procedures, and allow insurance products to enter the marketplace faster.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.
Process for Developing New Rule: The office of the insurance commissioner will have discussions with interested parties and exchange drafts of possible rules.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication. Please submit written comments by December 14, 2007 to Kacy Scott, P.O. Box 40258, Olympia, WA 98504-0255, fax (360) 586-3109, e-mail KacyS@oic.wa.gov.
October 24, 2007