WSR 11-11-061 PREPROPOSAL STATEMENT OF INQUIRY
OFFICE OF INSURANCE COMMISSIONER
[ Insurance Commissioner Matter No. R 2011-10 -- Filed May 16, 2011, 8:50 a.m. ] Subject of Possible Rule Making: Unauthorized (surplus line) insurers.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.15.040(4), and 48.15.090(2).
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Chapter 31, Laws of 2011 (HB 1694) amended the statutes. The commissioner no longer requires an affidavit of due diligence to be filed by surplus line brokers, and instead receives a certification. Unauthorized insurers must meet the minimum financial requirements before business can be placed with the insurer. The proposed rules will amend the existing rules to conform to these statutory changes.
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 July 1, 2011, to Jim Tompkins, P.O. Box 40258, Olympia, WA 98504-0258, e-mail jimt@oic.wa.gov, 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 jimt@oic.wa.gov, fax (360) 586-3109.
May 16, 2011
Mike Kreidler
Insurance Commissioner
