WSR 16-11-061
[Insurance Commissioner Matter No. R 2016-04—Filed May 13, 2016, 2:41 p.m.]
Original Notice.
Preproposal statement of inquiry was filed as WSR 16-07-082.
Title of Rule and Other Identifying Information: Title insurance agent affiliated business reports.
Hearing Location(s): Insurance Commissioner's Office (OIC), 302 Sid Snyder Avenue S.W., Suite 200, Conference Room, Olympia, WA 98504, on June 21, 2016, at 10:00 a.m.
Date of Intended Adoption: June 22, 2016.
Submit Written Comments to: Jim Tompkins, P.O. Box 40260, Olympia, WA 98504-0260, e-mail, fax (360) 586-3109, by June 20, 2016.
Assistance for Persons with Disabilities: Contact Lori [Lorie] Villaflores by June 20, 2016, TTY (360) 586-0241, or (360) 725-7087.
Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: The proposed rules will consider the repeal of WAC 284-29-110.
Reasons Supporting Proposal: RCW 48.29.015 requires that all title insurance agents annually file a report of their affiliated business ownership with OIC. WAC 284-29-110 as adopted allows those title insurance agents who have not affiliated business ownership or who are wholly owned by a title insurer that is traded on a national stock exchange not to file a report. Therefore, WAC 284-29-110 is in conflict with the statute and is to be repealed by this rule.
Statutory Authority for Adoption: RCW 48.02.060 and 48.29.005.
Statute Being Implemented: RCW 48.29.015.
Rule is not necessitated by federal law, federal or state court decision.
Name of Proponent: Mike Kreidler insurance commissioner, governmental.
Name of Agency Personnel Responsible for Drafting: Jim Tompkins, P.O. Box 98504-0260 [40260], Olympia, WA 98504-0260, (360) 725-7036; Implementation and Enforcement: John Hamje, P.O. Box 98504-0255 [40255], Olympia, WA 98504-0255, (360) 725-7262.
No small business economic impact statement has been prepared under chapter 19.85 RCW. This rule does not impose any additional costs on a business. The rule repeals WAC 284-29-110 which was in conflict with RCW 48.29.015.
A cost-benefit analysis is not required under RCW 34.05.328. The rule repeals WAC 284-29-110 which was in conflict with RCW 48.29.015. This rule is exempt from a cost-benefit analysis per RCW 34.05.328 (5)(b)(v): "rules the content of which is explicitly and specifically dictated by statute."
May 13, 2016
Mike Kreidler
Insurance Commissioner
The following section of the Washington Administrative Code is repealed:
WAC 284-29-110
No report required.