Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-36A - Fraternal benefit societies › Section 284-36A-035 - Confidentiality of RBS reports - Use of information for comparative purposes - Use of information to monitor solvency

Current through Register Vol. 24-14, July 15, 2024
(1) All RBS reports, to the extent the
			 information is not required to be set forth in a publicly available annual
			 statement schedule, including the results or report of any examination or
			 analysis of a fraternal benefit society that are filed with the commissioner
			 constitute information that might be damaging to the fraternal benefit society
			 if made available to its competitors, and therefore shall be kept confidential
			 by the commissioner. This information shall not be made public or be subject to
			 subpoena, other than by the commissioner and then only for the purpose of
			 enforcement actions taken by the commissioner.
(2) The comparison of a fraternal benefit
			 society's total adjusted surplus to its RBS level is a regulatory tool that may
			 indicate the need for possible corrective action with respect to the fraternal
			 benefit society, and is not a means to rank fraternal benefit societies
			 generally. Therefore, except as otherwise required under the provisions of this
			 chapter, the making, publishing, disseminating, circulating, or placing before
			 the public, or causing, directly or indirectly to be made, published,
			 disseminated, circulated, or placed before the public, in a newspaper,
			 magazine, or other publication, or in the form of a notice, circular, pamphlet,
			 letter, or poster, or over any radio or television station, or in any other
			 way, an advertisement, announcement, or statement containing an assertion,
			 representation, or statement with regard to the RBS level of any fraternal
			 benefit society, or of any component derived in the calculation, by any
			 fraternal benefit society, insurance producer, or other person engaged in any
			 manner in the insurance business would be misleading and is therefore
			 prohibited. However, if any materially false statement with respect to the
			 comparison regarding a fraternal benefit society's total adjusted surplus to
			 its RBS level or an inappropriate comparison of any other amount to the
			 fraternal benefit society's RBS level is published in any written publication
			 and the fraternal benefit society is able to demonstrate to the commissioner
			 with substantial proof the falsity of such statement, or the inappropriateness,
			 as the case may be, then the fraternal benefit society may publish an
			 announcement in a written publication if the sole purpose of the announcement
			 is to rebut the materially false statement.
(3) The RBS instructions and RBS reports are
			 solely for use by the commissioner in monitoring the solvency of fraternal
			 benefit societies and the need for possible corrective action with respect to
			 fraternal benefit societies and shall not be used by the commissioner for
			 ratemaking nor considered or introduced as evidence in any rate proceeding nor
			 used by the commissioner to calculate or derive any elements of an appropriate
			 premium level or rate of return for any line of insurance that a fraternal
			 benefit society or any affiliate is authorized to write.
Statutory Authority:
				  RCW
				  48.02.060(3)(a) and
				  48.17.010(5).
				  11-01-159 (Matter No. R 2010-09), §
										284-36A-035, filed 12/22/10,
				  effective 1/22/11. Statutory Authority:
				  RCW
				   48.02.060,
				  48.36A.100(7),
				  48.36A.290(4),
				  48.36A.100, 48.36A.282,
				  48.36A.284,
				  48.36A.286,
				  48.36A.290,
				  48.36A.310 and 1996 c 236.
				  96-22-064 (Matter No. R 96-5), §
										284-36A-035, filed 11/4/96,
				  effective 12/5/96.