WSR 19-12-060
[Insurance Commissioner Matter R 2019-02—Filed May 31, 2019, 11:26 a.m.]
Subject of Possible Rule Making: Internal audit requirments [requirements] for insurance companies.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.44.050, and 48.46.200.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: To incorporate an internal audit function requirement for large insurers writing more than $500 million, or insurance groups writing more than $1 billion in annual premium. These insurers must maintain an internal audit function providing independent, objective, and reasonable assurance to the audit committee and insurer management regarding the insurer's governance, risk management and internal controls.
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 comments by July 19, 2019.
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 40260, Olympia, WA 98504-0260, phone 360-725-7036, fax 360-586-3109, TTY 360-586-0241, email, web site
Additional comments: The amendments to existing rules to be proposed by this rule are required for the National Association of Insurance Commissioners accreditation.
May 31, 2019
Mike Kreidler
Insurance Commissioner