Subject of Possible Rule Making: Allowing public utility districts to form, own, or use captive insurers; changing captive insurer reporting deadlines and requirements.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The legislature passed HB 1842 allowing public utility districts to own, form, or use captive insurers. Rule making may be necessary to update definitions. The commissioner is also considering rule making to give captive insurers more flexibility in their audited financial statement submissions. This may include, but not be limited to: Adjusting the annual reporting deadline to better align with when audited financial statements become available; creating an extenuating circumstances extension request for unforeseen circumstances, such as auditor delay; and clarifying that the most recent financial statement must be reported.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Rules Coordinator, 302 Sid Snyder Avenue S.W., Olympia, WA 98504, phone 360-725-7171, fax 360-586-3109, TTY 360-586-0241, email rulescoordinator@oic.wa.gov, website www.insurance.wa.gov.