PREPROPOSAL STATEMENT OF INQUIRY
INSURANCE COMMISSIONER
Subject of Possible Rule Making: Adoption of rules to implement RCW 48.23.015.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.23.015(8).
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Update existing rules regarding disclosures and suitability of sales for annuities based on the National Association of Insurance Commissioner's model regulation #275 adopted in April 2010.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Department of financial institutions regulates producers who also offer securities products; the commissioner coordinates rule-making efforts to align the regulatory frameworks of the two agencies.
Process for Developing New Rule: Notice and comment. Submit written comments by November 22, 2011, to Kacy Scott, P.O. Box 40258, Olympia, WA 98504, kacys@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 Kacy Scott, P.O. Box 40258, Olympia, WA 98504, kacys@oic.wa.gov, fax (360) 586-3109.
October 19, 2011
Mike Kreidler
Insurance Commissioner