WSR 13-18-053 EMERGENCY RULES OFFICE OF INSURANCE COMMISSIONER [Insurance Commissioner No. R 2013-21—Filed August 30, 2013, 3:12 p.m., effective August 30, 2013, 3:12 p.m.] Effective Date of Rule: Immediately upon filing.
Purpose: The 2013 legislature enacted chapter 65, Laws of 2013 (HB 1035) which provides that title insurance companies and their agents must report financial information to a statistical reporting agent for use in preparation of their title insurance rates to be filed with the commissioner. This emergency rule amends the existing rule to postpone the date by which title insurance companies must file their rates under RCW 48.29.147 with the commissioner so that the title insurance companies will not incur unnecessary administrative cost and effort.
Citation of Existing Rules Affected by this Order: Amending WAC 284-29A-030.
Under RCW 34.05.350 the agency for good cause finds that immediate adoption, amendment, or repeal of a rule is necessary for the preservation of the public health, safety, or general welfare, and that observing the time requirements of notice and opportunity to comment upon adoption of a permanent rule would be contrary to the public interest.
Reasons for this Finding: Without an emergency rule, title insurance companies would be required to file new title insurance rates with the commissioner in a manner that is not consistent with recently enacted legislation.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 1, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 1, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 1, Repealed 0.
Date Adopted: August 30, 2013.
Mike Kreidler
Insurance Commissioner
AMENDATORY SECTION (Amending WSR 12-15-049, filed 7/16/12, effective 8/16/12)
WAC 284-29A-030 Transition to prior approval system.
(1) On and after January 1, ((2014)) 2016, all rates used in Washington state must be filed and approved under RCW 48.29.147. (2) Title insurers must submit the rate filings required under RCW 48.29.147 and subsection (1) of this section to the commissioner by September 1, ((2013)) 2015, for rates to be effective on January 1, ((2014)) 2016. This rule allows the commissioner time to take final action on rates filed under this chapter before the effective date of January 1, ((2014)) 2016. (3) Rates filed under RCW 48.29.140(2) must not be used for commitments issued on or after January 1, ((2014)) 2016.
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