WSR 09-15-132 EMERGENCY RULES
OFFICE OF INSURANCE COMMISSIONER
[ Insurance Commissioner Matter No. R 2009-07 -- Filed July 20, 2009, 3:48 p.m. , effective July 26, 2009 ] Effective Date of Rule: July 26, 2009.
Purpose: This rule amends the use of "viatical" to "life" and "viator" to "owner" throughout the rule. It also sets forth: Licensing requirements for life settlement providers and brokers, annual statement filing requirements for life settlement providers, a required disclosure form, contract filing requirements, and the standards for evaluating reasonableness of compensation for the purchase of life insurance policies by life settlement providers.
Citation of Existing Rules Affected by this Order: Amending WAC 284-97-010 through 284-97-050.
Statutory Authority for Adoption: RCW 48.02.060 and sections 3 (7)(d)(i), 7(1), 10(1), and 20, chapter 104, Laws of 2009.
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: The Life Settlement Act, chapter 104, Laws of 2009, was enacted by the 2009 legislature. The act repeals the existing sections in the chapter on viatical settlements and replaces them with new sections on life settlements. This act also changed the licensing requirements of what were viatical settlement providers and brokers into life settlement providers and brokers, as well as changing some of the requirements for licensing. The act also made further changes to contract filing, disclosures, and other matters. Because the act's effective date is July 26, 2009, there is insufficient time to complete permanent rule making to make the necessary changes to the existing viatical rules before the effective date of the act. Regular rule making will follow this emergency rule making to ensure that permanent rules are adopted pior [prior] to the expiration of the emergency rules.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 4, Amended 6, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.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 0, 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 0, Repealed 0.
Date Adopted: July 20, 2009.
Mike Kreidler
Insurance Commissioner
OTS-2538.5
Chapter 284-97 WAC ((
VIATICAL)) LIFE SETTLEMENT REGULATION
AMENDATORY SECTION(Amending Order R 95-2, filed 10/20/95, effective 11/20/95)
WAC 284-97-010 Purpose((,)) and scope((, and effective date)). (1) The purpose of this chapter is to effectuate chapter 48.102 RCW, by establishing minimum standards and disclosure requirements to be met by ((viatical)) life settlement providers and ((viatical)) life settlement brokers with respect to ((viatical)) life settlement contracts advertised, solicited, or issued for delivery in this state, and licensing requirements for ((viatical)) life settlement providers and ((viatical)) life settlement brokers.(2) ((
Except as otherwise specifically provided, this chapter applies to every viatical settlement provider or viatical settlement broker as defined in RCW 48.102.005, that transacts viatical settlement business in this state on or after July 23, 1995. This chapter also applies to every viatical settlement contract executed between a viator and a viatical settlement provider in this state on or after July 23, 1995.(3))) This regulation is not exclusive, and acts or omissions, whether or not specific in this chapter, may also be violations of other sections of the insurance code or other regulations promulgated thereunder.
[Statutory Authority: RCW 48.02.060, 48.30.010 and 1995 c 161 §§ 2, 4, 5 and 10. 95-22-016 (Order R 95-2), § 284-97-010, filed 10/20/95, effective 11/20/95.]
AMENDATORY SECTION(Amending Order R 95-2, filed 10/20/95, effective 11/20/95)
WAC 284-97-015 Definitions. For purposes of this chapter:(1) "Domestic life settlement provider" means a business entity incorporated in or otherwise formed under the laws of the state of Washington.
(2) "NAIC" means the National Association of Insurance Commissioners.
(3) "Nonresident or foreign life settlement provider" means a business entity incorporated in or otherwise formed in a state other than Washington.
(4) "SERFF" means the System for Electronic Rate and Form Filing. SERFF is a proprietary NAIC computer-based application that allows filers to create and submit rate, rule, and form filings electronically to the commissioner.
(5) "Solicitation" means, for example; proposing, negotiating, signing, or doing any act in furtherance of making or proposing to make a ((
viatical)) life settlement contract. Solicitation specifically includes advertising by mail, use of the print or electronic media, telephone, or any other method of presenting, distributing, issuing, circulating, or permitting to be issued or circulated any information or material in connection with a ((viatical)) life settlement contract.((
(2) "Viatical settlement contract" has the meaning set forth at RCW 48.102.005(3). The commissioner finds that the purchase of a life insurance policy or certificate is outside the scope of this chapter if the viatical settlement contract is entered into between the viator and a close friend or relative.))[Statutory Authority: RCW 48.02.060, 48.30.010 and 1995 c 161 §§ 2, 4, 5 and 10. 95-22-016 (Order R 95-2), § 284-97-015, filed 10/20/95, effective 11/20/95.]
AMENDATORY SECTION(Amending Order R 95-2, filed 10/20/95, effective 11/20/95)
WAC 284-97-020 Licensing requirements for ((viatical)) life settlement providers. (1) ((Beginning July 23, 1995, no individual, partnership, corporation, or other entity may act as a viatical settlement provider, or enter into or solicit a viatical settlement contract in this state unless it has first obtained a license from the commissioner.(2) An initial application for licensing as a viatical settlement provider, or a subsequent application for reinstatement of a viatical settlement provider's license if the license has lapsed for more than three months, shall be accompanied by a licensing fee in the amount of two hundred fifty dollars. The annual renewal fee shall be twenty-five dollars, due and payable on or before July 1 of each year.
(3))) The application form and instructions for obtaining a license as a life settlement provider are on the commissioner's web site at www.insurance.wa.gov.
(2) The application for a license as a ((
viatical)) life settlement provider shall furnish all of the applicable following information((, on a form prescribed by the commissioner)):(a) The name of the applicant, its address, and organizational structure.
(b) Copies of its organizational documents, including but not limited to its: Articles of incorporation and any amendments thereto, certificate of incorporation and any amendments thereto, bylaws and any amendments thereto, partnership agreement and any amendments thereto, ((
and)) articles of association and any amendments thereto, certificate of formation of a limited liability company and any amendments thereto, and limited liability company agreement and any amendments thereto.(c) The identity of all: Stockholders holding ten percent or more of the voting securities; investors holding a ten percent or greater interest; partners; corporate officers; trustees; if an association, all of the members; all of the members of a limited liability company; and parent and affiliate entities, together with a chart showing the relationship of the applicant to any parent, affiliated or subsidiary entities.
(d) A list of all stockholders holding ten percent or more of the voting securities, investors holding a ten percent or greater interest, partners, and officers of any parent or affiliate entities.
(e) Biographical affidavits of all its officers, directors, investors holding a ten percent or greater interest, partners, members of a limited liability company, and members (if an association).
(f) For domestic ((
viatical)) life settlement providers, fingerprint cards of all its officers, directors, trustees, investors holding a ten percent or greater interest, partners, members of a limited liability company, and members (if an association).(g) A list of states in which the ((
viatical)) life settlement provider is licensed on the date of application, a copy of each effective license, and a list of the states in which it is or was doing business.(h) A list of all business licenses from any level of government, for which the applicant, its officers, partners, trustees, members of a limited liability company, and members (if an association), have applied, together with a certificate of incorporation from the Washington secretary of state, and a statement showing the current status of any such licenses, such as whether it has been revoked or suspended.
(i) A report stating whether any formal or informal regulatory action, by any level of state or federal government, is pending or has been taken against the applicant or its officers, directors, trustees, investors holding a ten percent or greater interest, partners, members of a limited liability company, or members (if an association).
(j) A report stating whether any criminal action or civil action has been taken, or is pending, against the applicant or its officers, directors, trustees, investors holding a ten percent or greater interest, partners, members of a limited liability company, or members (if an association).
(k) A copy of its most recent financial and operating reports, audited and unaudited.
(l) Copies of documents filed with the federal Securities and Exchange Commission and any applicable state securities regulator.
(m) A detailed plan of operations for the applicant's business, including but not limited to information regarding or identification of the following items:
(i) Escrow accounts and banks;
(ii) Advertising, brokerage, or distribution system to be used;
(iii) Marketing techniques to be used;
(iv) Marketing training program; and
(v) Contract offering and servicing facilities.
(n) For a nonresident provider, an appointment of the commissioner to receive service of process and a designation of the person to whom the commissioner shall forward legal process.
(o) A copy of the applicant's antifraud plan that meets the requirements of section 17, chapter 104, Laws of 2009.
(p) Such other information as the commissioner may reasonably require.
((
(4))) (3) To qualify for authority to transact business as a ((viatical)) life settlement provider((,)) the applicant must:(a) Possess unimpaired capital, and thereafter maintain unimpaired capital, in the amount of not less than one hundred fifty thousand dollars((
.(5) Each viatical settlement provider holding a license in this state shall annually, on or before March 1 of each year, file with the commissioner an annual statement for the preceding calendar year. The annual statement shall be on a form prescribed by the commissioner.
(6) The commissioner may issue a temporary viatical settlement provider's license, that will expire no later than December 31, 1995, upon receipt and review of the application required in subsection (3) of this section. After reviewing the application, the commissioner may issue the viatical settlement provider's license, refuse to issue such license, or revoke the temporary viatical settlement provider's license.)); and
(b) Comply with WAC 284-07-100 through 284-07-230, except WAC 284-07-100 (5), (6), and (7) and the applicant shall not be required to file any report, letter, or other document required by WAC 284-07-100 through 284-07-230 with the National Association of Insurance Commissioners (NAIC).
[Statutory Authority: RCW 48.02.060, 48.30.010 and 1995 c 161 §§ 2, 4, 5 and 10. 95-22-016 (Order R 95-2), § 284-97-020, filed 10/20/95, effective 11/20/95.]
NEW SECTION
WAC 284-97-025 Annual reporting requirements for life settlement providers. (1) Every licensed life settlement provider must file with the commissioner an annual statement on or before March 1st for the immediately preceding calendar year ending December 31st. For good cause shown, the commissioner may grant an extension of time to file if the request for extension is received by the commissioner more than five business days prior to March 1st.(2) The annual statement forms and instructions are on the commissioner's web site at www.insurance.wa.gov.
(3) In addition to any other requirements, for any policy settled within five years of policy issuance, the annual statement shall specify the total number, aggregate face amount, and life settlement proceeds of policies settled during the immediately preceding calendar year, together with a breakdown of the information by policy issue year.
(4) Annual statements filed by a life settlement provider with the commissioner must be filed in electronic form. Electronic form shall mean in pdf format and according to the instructions on the commissioner's web site.
[]
AMENDATORY SECTION(Amending Order R 95-2, filed 10/20/95, effective 11/20/95)
WAC 284-97-030 Licensing ((requirements for viatical)) life settlement brokers. ((On and after July 23, 1995, no person may act as a viatical settlement broker, or solicit, negotiate, or enter into viatical settlement contracts in this state, unless licensed as a viatical settlement broker by the commissioner. A viatical settlement broker shall be qualified as a life insurance agent and appointed as a viatical settlement broker by each viatical settlement provider represented.(1) Each applicant for a viatical settlement broker's license shall:
(a) Complete an application form furnished by the commissioner. The form shall be accompanied by a license fee in the amount of one hundred dollars. Applicants shall answer inquiries concerning their identity, provide fingerprint cards, and supply information about personal and business history and experience.
(b) A viatical settlement broker shall be appointed by each viatical settlement provider he or she represents. An appointment request form and the appointment fee in the amount of twenty dollars shall be submitted with the application for licensing.
(c) Applicants for a firm or corporate license shall provide copies of articles of incorporation, partnership agreements, or other indicia of current legal status, as appropriate.
(d) Every individual who acts as a viatical settlement broker on behalf of a firm or corporation shall be licensed and affiliated with the entity represented prior to solicitation or negotiation of a viatical settlement contract. Each request by a firm or corporation for an affiliation certificate shall be accompanied by a twenty-dollar filing fee.
(e) Applicants for a viatical settlement broker's license shall provide satisfactory evidence that no disciplinary action has resulted in the suspension or revocation of any federal or state license.
(f) Prior to application for a resident viatical settlement broker's license, an applicant shall pass the life insurance agent's examination in this state, but need not be licensed as a life insurance agent.
(g) Nonresident applicants may be licensed as viatical settlement brokers. Each nonresident applicant shall provide satisfactory proof that he or she has successfully passed a life insurance agent's examination in a state within the two-year period immediately preceding the date of the application, or that he or she holds a valid license as a life insurance agent or viatical settlement broker in his or her state of residence. In addition, the nonresident applicant shall certify that no disciplinary action has resulted in suspension or revocation of any federal or state license. Applicants for a nonresident viatical settlement broker's license shall designate and authorize the commissioner as his or her agent for service of process and shall specify the person to whom the commissioner shall forward legal process.
(2) A person applying for a viatical settlement broker's license who is transacting viatical settlement business on the effective date of this chapter, may apply to the commissioner for a temporary resident or nonresident viatical settlement broker's license. A temporary license may be issued by the commissioner if the person is otherwise eligible for such license but has not taken and passed a life insurance agent's examination in a state. The temporary license issued by the commissioner shall expire no later than December 31, 1995. After review of the application, the commissioner may issue the viatical settlement broker's license, refuse to issue such license, or revoke the temporary viatical settlement broker's license.
(3) A viatical settlement broker's license is renewable every two years, upon payment of a renewal fee in the amount of one hundred dollars. A viatical settlement broker's license expires on the licensee's month and day of birth plus one year from the date the license is first issued, if an individual, or two years from the issue date in the case of a firm or corporation. Failure to pay the renewal fee by the renewal date will automatically terminate the authority conferred by the license.
(4) Appointments of a viatical settlement broker expire on July 1 following their issue dates and every two years thereafter, unless previously cancelled or revoked.
(5) Affiliations expire on the renewal date for the licensed firm or corporation to which they apply, and expire every two years thereafter, unless previously cancelled or revoked.)) The application form and instructions for obtaining a license as a life settlement broker are on the commissioner's web site at www.insurance.wa.gov.
[Statutory Authority: RCW 48.02.060, 48.30.010 and 1995 c 161 §§ 2, 4, 5 and 10. 95-22-016 (Order R 95-2), § 284-97-030, filed 10/20/95, effective 11/20/95.]
AMENDATORY SECTION(Amending Order R 95-2, filed 10/20/95, effective 11/20/95)
WAC 284-97-040 Contract and rate filing requirements for ((viatical)) life settlement providers and ((viatical)) life settlement brokers. ((Beginning September 1, 1995,)) All ((viatical)) life settlement contracts ((shall)) must be filed with and be approved by the commissioner prior to use in this state.(1) The life settlement provider may submit the life settlement contract forms and pricing memorandum required by WAC 284-97-050(4) filing either by SERFF or in paper form.
(a) The SERFF filing instructions are in the SERFF Industry Manual on the SERFF web site at www.serff.com and the Washington state SERFF Life and Disability Rate and Form Filing General Instructions on the commissioner's web site at: www.insurance.wa.gov.
(b) If the filing is made in paper form, an NAIC Uniform Transmittal form must accompany the filing.
((
(1))) (2)(a) Every ((viatical)) life settlement contract shall be in writing, in a type size of no less than ten points, shall be identified by a form number in the lower left-hand corner of the first page, and include the terms under which the ((viatical)) life settlement provider will pay compensation (called by whatever name) to the ((viator)) owner in exchange for the assignment, transfer, sole devise, or bequest of the death benefit or assignment of ownership of the life insurance policy or certificate to the ((viatical)) life settlement provider ((or viatical settlement broker)).(b) Every ((
viatical)) life settlement contract shall provide for payment to the ((viator)) owner in a lump sum and shall be voidable at the option of the ((viator)) owner if the agreed value is not paid in full within ((thirty)) fifteen days of the date the ((viatical)) life settlement contract is executed by ((both the viator and the viatical settlement provider)) all parties thereto.(c) Every ((
viatical)) life settlement contract shall provide for transfer of the entire life insurance policy: Provided, however, That if agreed to in writing by both the insurer and the ((viator)) owner, a stated dollar value which is less than the full face amount of the life insurance policy (less any outstanding loans) may be transferred if:(i) The ((
viatical)) life settlement provider obtains a bond in favor of all beneficiaries of the policy other than the ((viatical)) life settlement provider in an amount sufficient to guarantee the payment of all premium for the balance of the premium-paying period as calculated on the effective date of the life insurance policy; or(ii) Another arrangement acceptable to the commissioner is made which guarantees that the insurance policy will remain in full force and effect for the protection of beneficiaries designated by the ((
viator)) owner (other than the ((viatical)) life settlement provider) until the death of the insured.((
(2))) (3) The ((viatical)) life settlement contract shall provide for recision no less favorable to the ((viator)) owner than as set forth in ((RCW 48.102.040 (3) and (4))) section 14(9), chapter 104, Laws of 2009. The recision provision shall appear on the first page of the contract. It shall provide that if the insured dies during the period of time allowed for recision, the contract ((will be terminated effective the date of application and the parties are returned to their original positions)) is considered rescinded subject to repayment by the owner or the owner's estate of all proceeds and any premiums, loans, and loan interest to the life settlement provider. The contract shall provide a method for giving notice of recision. If notice of recision is given by mail, it shall be deemed given when deposited in the United States mail, first class postage prepaid.((
(3)(a))) (4) Each form of ((viatical)) life settlement contract filed with the commissioner shall include all of the following:((
(i))) (a) A ((viatical)) life settlement contract, completed in John Doe fashion;((
(ii))) (b) A copy of ((a viator's)) an owner's application, completed in John Doe fashion;((
(iii))) (c) A copy of an "Insurance Commissioner's Worksheet" as described in WAC 284-97-050(3), completed in John Doe fashion;((
(iv))) (d) A copy of any written disclosure material that will be provided to a ((viator)) owner as required by ((RCW 48.102.035)) section 11, chapter 104, Laws of 2009; this written disclosure shall set forth the name, address, and telephone number of the ((viatical)) life settlement provider; and((
(v))) (e) A copy of the pricing memorandum.((
(b) That portion of the disclosure notice warning of possible tax consequences and possible effects on eligibility for public funds shall be prominently displayed.(c) The disclosure notice shall state that before entering into a viatical settlement contract, the viator should consult with his or her life insurance agent or life insurer to determine whether accelerated benefits are available.
(d) The disclosure notice shall contain the definition of accelerated benefits set forth in WAC 284-23-620(1) in its entirety.
(4))) (5) The ((
viatical)) life settlement contract shall specify any effect entering into the contract will have upon the continued availability of supplemental benefits or riders that are or may be attached to the life insurance policy that is the subject of the ((viatical)) life settlement contract, including assigning the responsibility for the continued payment of premiums. The benefits and riders considered shall include, but need not be limited to, the following:(a) Guaranteed insurability options;
(b) Accidental death benefits, or accidental death and dismemberment benefits;
(c) Disability income or loss of income protection;
(d) Waiver of premium or monthly deduction waiver; and
(e) Family, spousal, or children's riders or benefits.
((
(5))) (6) No ((viatical)) life settlement contract may contain any limitation or restriction on the use of the proceeds by the ((viator)) owner.[Statutory Authority: RCW 48.02.060, 48.30.010 and 1995 c 161 §§ 2, 4, 5 and 10. 95-22-016 (Order R 95-2), § 284-97-040, filed 10/20/95, effective 11/20/95.]
AMENDATORY SECTION(Amending Order R 95-2, filed 10/20/95, effective 11/20/95)
WAC 284-97-050 Standards for evaluating reasonability of compensation. In order to assure that benefits offered to ((a viator)) an owner are reasonable in relation to the rate, fee, or other compensation that is charged, any payout shall be no less than the greater of the amounts defined in subsections (1) and (2) of this section.(1) Payouts shall be no less than the following percentage of the expected death benefit under the insurance policy, net of loans. The following are minimum standards and shall not be presumed to be proof of fairness as to any specific transaction.
(a) If the insured's life expectancy is less than twelve months, then the percentage of the expected death benefit under the insurance policy, net of loans, to be received by the ((
viator)) owner shall be no less than seventy-five percent.(b) If the insured's life expectancy is at least twelve months, but less than twenty-four months, then the percentage of the expected death benefit under the insurance policy, net of loans, to be received by the ((
viator)) owner shall be no less than sixty-five percent.(c) If the insured's life expectancy is at least twenty-four months, but less than thirty-six months, then the percentage of the expected death benefit under the insurance policy, net of loans, to be received by the ((
viator)) owner shall be no less than fifty percent.(d) If the insured's life expectancy is at least thirty-six months, then the percentage of the expected death benefit under the insurance policy, net of loans, to be received by the ((
viator)) owner, shall be no less than thirty percent.(2) Payouts shall be no less than the expected death benefit under the insurance policy, net of loans, reduced by the sum of the amounts described in (a), (b), and (c) of this subsection.
(a) The ((
viatical)) life settlement provider may retain the amounts it would be required to pay to the insurer to keep the policy in force during the period of time ending concurrently with the insured's life expectancy.(b) The ((
viatical)) life settlement provider may retain an allowance of fifteen percent of the expected death benefit, net of loans, to provide for a risk charge and for its expenses and profit.(c) The ((
viatical)) life settlement provider may retain an allowance for the time value of money. The interest rate to be used is fifteen percent per annum, compounded monthly. The calculation shall be performed on the basis that the ((viatical)) life settlement provider pays the present value of the expected death benefit under the insurance policy, net of loans, reduced by the amounts defined in (a) and (b) of this subsection. The payment to the ((viator)) owner shall reflect an interest adjustment for the period of time beginning when the ((viator)) owner is paid and ending concurrently with the insured's life expectancy.(3) The ((
viatical)) life settlement provider shall maintain for each ((viator)) owner, a document bearing the title, "Insurance Commissioner's Worksheet" for ten years after the death of the insured, or recision of the contract. The ((viatical)) life settlement contract shall provide that the ((viator)) owner may at any time obtain upon request, without charge, a copy of the "Insurance Commissioner's Worksheet," the purpose of which is to assure that benefits comply with this section. This provision shall appear on the same page or page following the first occurrence of the statement of the amount to be paid to the ((viator)) owner. In addition to identifying the insured, the "Insurance Commissioner's Worksheet" shall be dated and shall include the text shown in items (a) through (j) of this subsection.
(4) The ((viatical)) life settlement provider shall enclose with the submission of a ((viatical)) life settlement contract form, and with the submission of a rate revision, for approval prior to use in this state, a pricing memorandum providing a description of the method and assumptions used in determining the value to be paid ((viators)) owners. At the time of submission of a pricing memorandum or at the time of submission of any subsequent supporting documentation, the ((viatical)) life settlement provider may request the commissioner to withhold that material from public inspection in order to preserve trade secrets or prevent unfair competition, in accordance with RCW 48.02.120(3). Each page covered by such request shall be clearly marked "confidentiality requested." If the filing is made by SERFF, please see the SERFF filing instructions for confidentiality requirements. The memorandum shall include a description, which may use reasonable ranges, of the following:(a) The procedure used to determine the insured's life expectancy including medical evaluation and use of health care professionals in such evaluation;
(b) The portion of the discount (difference between the death benefit of the life insurance policy or certificate and ((
viatical)) life settlement provider payment) due to market value interest rate (current worth of money) and how this interest rate is determined;(c) The portion of the discount due to agent or broker compensation paid by the ((
viatical)) life settlement provider;(d) The portion of the discount that is the ((
viatical)) life settlement provider's operation costs in connection with ((viatical)) life settlements, including acquisition and maintenance cost and risk charge;(e) The portion of the discount due to other overhead costs and profit margin;
(f) The effect, if any, that policy loans, surrender charges, and the net cash surrender value in the insurance plan have on the pricing determination;
(g) How provision is made in the settlement determination for future insurance plan premiums, dividends or excess amounts, if any; and
(h) What provision, if any, is made in the settlement determination for supplemental insurance benefits or riders.
[Statutory Authority: RCW 48.02.060, 48.30.010 and 1995 c 161 §§ 2, 4, 5 and 10. 95-22-016 (Order R 95-2), § 284-97-050, filed 10/20/95, effective 11/20/95.]
NEW SECTION
WAC 284-97-900 Savings clause. Amendments to WAC 284-97-010 through 284-97-050 effective on or after July 26, 2009, do not affect any rights acquired or liabilities or obligations incurred under WAC 284-97-010 through 284-97-050 that existed prior to July 26, 2009, nor affects any proceedings instituted under those sections.[]
NEW SECTION
WAC 284-97-910 Lapse disclosure form.[]
NEW SECTION
WAC 284-97-920 Verification of coverage for life insurance policies form.
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Document Information
- Effective Date:
- 7/26/2009
- Rules:
- 284-97-010
284-07-100
284-97-050
284-23-620