WSR 12-23-072




[ Insurance Commissioner Matter No. R 2012-31 -- Filed November 20, 2012, 8:38 a.m. ]

     Subject of Possible Rule Making: Life settlements policyholder notice of options, amending sections of chapter 284-97 WAC and adding new sections.

     Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.102.100, and 48.102.170.

     Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: RCW 48.102.100 provides that a notice be given to life insurance policyholders of options that they may have when certain events occur. The current WAC 284-97-910 sets forth this notice form. However, some of the situations listed in this form do not apply to term life insurance policies and therefore are creating confusion with consumers when they receive the notice. The proposed rule would ensure that policyholders of term life insurance policies receive notice as necessary when certain events occur that affect their policy interests.

     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 January 4, 2013, Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, e-mail, 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 Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, e-mail, fax (360) 586-3109.

November 20, 2012

Mike Kreidler

Insurance Commissioner