reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › ACCELERATED LIFE INSURANCE BENEFITS › Section 284-23-700 - Actuarial disclosure and reserves

Current through Register Vol. 24-14, July 15, 2024
(1) A qualified actuary shall describe the
				accelerated benefits, the risks, the expected costs, and the calculation of
				statutory reserves in an actuarial memorandum accompanying each filing that
				includes a provision for accelerated benefits. The insurer shall maintain in
				its files descriptions of the bases and procedures used to calculate benefits
				payable under these provisions. These descriptions shall be made available for
				examination by the commissioner upon request.
(2)
(a)
				When benefits are provided through the acceleration of benefits under
				individual or group life policies, or riders to such policies, policy reserves
				shall be determined in accordance with the Standard Valuation Law chapter 48.74
				RCW. All valuation assumptions used in constructing the reserves shall be
				determined as appropriate for statutory valuation purposes by a qualified
				actuary. Mortality tables and interest currently recognized for life insurance
				reserves by the National Association of Insurance Commissioners may be used, as
				well as appropriate assumptions for the other provisions incorporated in the
				policy. The actuary shall follow both actuarial standards and certification for
				good and sufficient reserves. Reserves in the aggregate shall be sufficient to
				cover:
(i) Policies upon which no claim has
				yet arisen; and
(ii) Policies upon
				which a claim for one or more payments of accelerated benefits has
				arisen.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › ACCELERATED LIFE INSURANCE BENEFITS › Section 284-23-710 - Filing requirements

Current through Register Vol. 24-14, July 15, 2024
The filing of all forms containing accelerated benefit
				  provisions is required, pursuant to
				  RCW
				   48.18.100 and WAC
				  284-58-130.
Statutory Authority:
					 RCW
					 48.02.060,
					 48.30.010 and
					 48.11.020. 98-05-026 (Matter No. R
					 96-13), §
											284-23-710, filed 2/6/98,
					 effective 3/9/98. Statutory Authority:
					 RCW
					  48.02.060(3)(a) and
					 48.30.010. 94-18-029 (Order R
					 94-18), §
											284-23-710, filed 8/29/94,
					 effective 9/29/94.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › ACCELERATED LIFE INSURANCE BENEFITS › Section 284-23-720 - Administrative expenses

Current through Register Vol. 24-14, July 15, 2024
All charges or fees for administration or processing requests
				  for any payments of accelerated benefits shall be disclosed and fully described
				  in the policy, rider, and disclosure statement. Any such charge or fee shall be
				  reasonable; shall be assessed no more than once; and may not exceed five
				  hundred dollars.
Statutory Authority:
					 RCW
					 48.02.060(3)(a) and
					 48.30.010. 94-18-029 (Order R
					 94-18), §
											284-23-720, filed 8/29/94,
					 effective 9/29/94.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › ACCELERATED LIFE INSURANCE BENEFITS › Section 284-23-730 - Resolution of disputes regarding occurrence of qualifying events

Current through Register Vol. 24-14, July 15, 2024
In the event the insured's health care provider and a health
				  care provider appointed by the insurer disagree on whether a qualifying event
				  has occurred, the opinion of the health care provider appointed by the insurer
				  is not binding on the claimant. The parties shall attempt to resolve the matter
				  promptly and amicably. The policy or rider providing the accelerated benefit
				  shall provide that in case the disagreement is not so resolved, the claimant
				  has the right to mediation or binding arbitration conducted by a disinterested
				  third party who has no ongoing relationship with either party. As part of the
				  final decision, the arbitrator or mediator shall award the costs of arbitration
				  to one party or the other or may divide the costs equally or
				  otherwise.
Statutory Authority:
					 RCW
					 48.02.060,
					 48.83.070,
					 48.83.110,
					 48.83.120,
					 48.83.130(1), and
					 48.83.140(4)(a).
					 08-24-023 (Matter No. R 2008-19), §
											284-23-730, filed 11/24/08,
					 effective 12/25/08. Statutory Authority:
					 RCW
					  48.02.060,
					 48.30.010 and
					 48.11.020. 98-05-026 (Matter No. R
					 96-13), §
											284-23-730, filed 2/6/98,
					 effective 3/9/98. Statutory Authority:
					 RCW
					  48.02.060(3)(a) and
					 48.30.010. 94-18-029 (Order R
					 94-18), §
											284-23-730, filed 8/29/94,
					 effective 9/29/94.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › JUVENILE LIFE INSURANCE › Section 284-23-800 - Purpose and scope

Current through Register Vol. 24-14, July 15, 2024
The purpose of these rules is to set standards for detecting
				  and preventing the purchase of juvenile life insurance for speculative or
				  fraudulent reasons, by ensuring that insurance underwriting practices consider
				  such risk, and by setting forth the minimum practices required to insure the
				  life of a juvenile. These rules apply to life insurance policies governed by
				  chapter
				  48.23 RCW that insure the
				  life of a juvenile.
Statutory Authority:
					 RCW
					 48.02.060(3)(a). 10-12-099
					 (Matter No. R 2009-05), §
											284-23-800, filed 6/2/10,
					 effective 7/3/10. Statutory Authority:
					 RCW
					  48.02.060 and
					 48.23.345. 09-03-104 (Matter No. R
					 2007-09), §
											284-23-800, filed 1/21/09,
					 effective 2/21/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › JUVENILE LIFE INSURANCE › Section 284-23-803 - Definitions

Current through Register Vol. 24-14, July 15, 2024
For the purpose of this rule, the following definitions
				  apply, unless the context clearly requires otherwise:
(1) "Insurable interest" means a relationship
				to the insured at the time of application as defined in
				RCW
				 48.18.030 and
				48.18.060(2).
(2) "Juvenile" means a person younger than
				eighteen years of age.
(3)
				"Juvenile Life Insurance Contract" means a life insurance policy or contract
				issued on the life of a juvenile.
(4) "Parent or legal guardian" means a
				natural parent, an adoptive parent whose status is documented in a final court
				order of adoption or a court appointed legal guardian for the juvenile.
				Step-parents who have not legally adopted the juvenile, foster parents,
				noncustodial parents or relatives acting in loco parentis are not considered
				parents or legal guardians of the juvenile for purposes of this rule.
Statutory Authority:
					 RCW
					 48.02.060(3)(a). 10-12-099
					 (Matter No. R 2009-05), §
											284-23-803, filed 6/2/10,
					 effective 7/3/10. Statutory Authority:
					 RCW
					  48.02.060 and
					 48.23.345. 09-03-104 (Matter No. R
					 2007-09), §
											284-23-803, filed 1/21/09,
					 effective 2/21/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › JUVENILE LIFE INSURANCE › Section 284-23-806 - Required procedures and standards for sale of juvenile life insurance policies

Current through Register Vol. 24-14, July 15, 2024
Beginning July 1, 2009, an insurer must comply with the
				  following procedures and standards when underwriting juvenile life insurance
				  policies:
(1) An insurer may refuse an
				applicant's request for life insurance when the combined life
				insurance-in-force exceeds the issuing insurer's maximum for
				juveniles.
(2) Life insurance upon
				a juvenile must not be made or take effect unless at the time the contract is
				made, the applicant is a person having an insurable interest in the life of the
				juvenile. The insurer must obtain and keep documentation sufficient to
				demonstrate that the applicant for the policy has an insurable interest in the
				life of the juvenile.
(3) In
				addition to the signature of the applicant, the consent of the parent or legal
				guardian with whom the juvenile resides, as evidenced by signature, must be
				obtained before submitting the application for underwriting. Any juvenile age
				fifteen or older must sign the application for insurance on the juvenile's
				life.
(4) An insurer must have
				underwriting standards and procedures justifying the issuance of a life
				insurance policy on the life of a juvenile. The insurer must provide the
				insurance commissioner with documentation from its records and files to support
				its underwriting justification upon request. The justification must address the
				following elements:
(a) The issued policy must
				conform to the insurer's established standards and practices for underwriting
				juvenile life insurance or explain any variance.
(b) As part of its underwriting practice, the
				insurer must identify the amount, if any, of other life insurance contracts on
				the life of the juvenile which are in force or applied for at the time of
				application.
(c) The insurer must
				confirm that the policy death benefit is grossly proportional to the value of
				life insurance or accidental death benefits issued for other siblings or
				immediate family members, and if not, justify why proportionality or
				equivalency was not required.
(d)
				The commissioner must be able to determine that the insurer had good cause to
				underwrite when the overall amount of insurance on the juvenile exceeds the
				annual household income, and if it does so, justify why such an amount was
				approved. The extent to which the beneficiary or applicant is dependent on the
				juvenile for income or other support is an example of such a
				justification.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › INCENTIVIZED BENEFITS FOR INDIVIDUAL LIFE INSURANCE › Section 284-23-850 - Purpose and scope

Current through Register Vol. 24-14, July 15, 2024
The purpose of these rules is to set standards for regulating
				  noninsurance benefits permitted under
				  RCW
				   48.23.525(1)(d) related to
				  any policy of individual life insurance that are intended to incent behavioral
				  changes that improve the health and reduce the risk of death of the insured and
				  establish the minimum practices required in the administration of such
				  noninsurance benefits. These rules apply to the products or services permitted
				  under
				  RCW
				   48.23.525(1)(d) related to
				  individual life insurance policies governed by chapter 48.23 RCW. All other
				  requirements applicable to life insurers pursuant to chapters 48.23 RCW and
				  284-23 WAC apply to life insurers providing such products or services, unless
				  specifically stated otherwise in statute or rule.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › INCENTIVIZED BENEFITS FOR INDIVIDUAL LIFE INSURANCE › Section 284-23-860 - Advertising requirements

Current through Register Vol. 24-14, July 15, 2024
(1) Any
				advertisement for an individual life insurance policy that provides
				noninsurance benefits permitted under
				RCW
				 48.23.525(1)(d) that incent
				healthy behavioral changes that improve the health and reduce the risk of death
				of the insureds, must contain the following disclaimer:
"Products or services offered under the (program/product
				  name) program are not insurance and are subject to change. For more
				  information, please contact the company at (website address) or via telephone
				  at (number)."
(2) Any
				advertisement for an individual life insurance policy with noninsurance
				benefits that has additional costs or participation requirements for these
				products or services must also contain the following language in the
				disclaimer, as applicable:
(a) "There are
				additional costs associated with these products or services"; and/or
(b) "There are additional requirements
				associated with participation in the program."
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › INCENTIVIZED BENEFITS FOR INDIVIDUAL LIFE INSURANCE › Section 284-23-870 - Misleading offers to incentivize behavior

Current through Register Vol. 24-14, July 15, 2024
No insurer offering noninsurance benefits permitted under
				  RCW
				   48.23.525(1)(d) that incent
				  healthy behavioral changes that improve the health and reduce the risk of death
				  of the insureds in an individual life insurance policy shall make, issue or
				  circulate, or cause to be made, issued or circulated any misrepresentation of
				  the terms of any such product or service or the benefits or advantages
				  promised, or use any name or title of any policy or class of policies
				  misrepresenting the nature thereof.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › INCENTIVIZED BENEFITS FOR INDIVIDUAL LIFE INSURANCE › Section 284-23-880 - Privacy

Current through Register Vol. 24-14, July 15, 2024
Any insurer including their appointed producer, contractor,
				  managing general agent, or third-party administrator who offers or administers
				  noninsurance benefits permitted under
				  RCW
				   48.23.525(1)(d) that incent
				  healthy behavioral changes that improve the health and reduce the risk of death
				  of the insureds is subject to the privacy requirements of chapter 284-04
				  WAC.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-001 - Definitions that apply to this chapter

Current through Register Vol. 24-14, July 15, 2024
Unless otherwise specified in rule, the definitions in this
				section apply throughout this chapter:
(1) "Advisory organization" means an entity
			 not licensed under
			 RCW
			  48.19.180 that files advisory rates with the
			 commissioner.
(2) "Complete filing"
			 means a package of information containing rates, supporting information,
			 documents and exhibits submitted to the commissioner electronically using the
			 System for Electronic Rate and Form Filing (SERFF).
(3) "Date filed" means the date a complete
			 filing has been received and accepted by the commissioner.
(4) "Filer" means a person, organization or
			 other entity that files insurance rates with the commissioner for an
			 insurer.
(5) "Insurance" means the
			 same as in
			 RCW
			  48.01.040.
(6) "Insurer" means an insurer defined in
			 RCW
			  48.01.050 to which the commissioner has
			 issued a certificate of authority under
			 chapter
			 48.05 RCW.
(7) "Member" or "subscriber" means an insurer
			 that has paid a rating organization for services under
			 RCW
			  48.19.050, and includes service
			 purchasers.
(8) "NAIC" means the
			 National Association of Insurance Commissioners.
(9) "Objection letter" means correspondence
			 created in SERFF and sent by the commissioner to the filer that:
(a) Requests clarification, documentation or
			 other information;
(b) Explains
			 errors or omissions in the filing; or
(c) Disapproves the filing under
			 RCW
			  48.19.100.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-005 - Purpose and scope of this chapter

Current through Register Vol. 24-14, July 15, 2024
The purpose of this chapter is to adopt processes and
				procedures for insurers and filers to use when they submit property and
				casualty insurance rates and rules with the commissioner under
				chapter
				48.19 RCW. This
				chapter:
(1) Applies to insurers,
			 advisory organizations and rating organizations that file property or casualty
			 insurance rates under
			 RCW
			  48.19.040 and
			 48.19.043; and
(2) Does not apply to insurers or insurance
			 scoring model vendors that file insurance scoring models under
			 RCW
			  48.19.035 and chapter 284-24A WAC.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.110.150. 08-21-091 (Matter No.
				  2007-11), §
										284-24-005, filed 10/15/08,
				  effective 2/1/09. Statutory Authority:
				  RCW
				   48.02.060,
				  48.19.080,
				  48.19.370 and
				  48.19.020. 98-20-102 (Matter No. R
				  98-4), §
										284-24-005, filed 10/7/98,
				  effective 11/7/98.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-007 - Filing documents incorporated by reference into this chapter

Current through Register Vol. 24-14, July 15, 2024
SERFF is a dynamic application that the NAIC will revise and
				enhance over time. To be consistent with NAIC filing standards and provide
				timely instructions to filers, the commissioner will incorporate documents
				posted on the SERFF web site into this chapter. By reference, the commissioner
				incorporates these documents into this chapter:
(1) The
SERFF Industry
			 Manual
posted on the SERFF web site (
www.serff.com
); and
(2) The
Washington State SERFF
			 Property and Casualty Rate Filing General Instructions
posted on the
			 commissioner's web site (
www.insurance.wa.gov
).
Statutory Authority:
				  RCW
				  48.02.060,
				  48.110.150. 08-21-091 (Matter No.
				  2007-11), §
										284-24-007, filed 10/15/08,
				  effective 2/1/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-011 - General rate filing rules

Current through Register Vol. 24-14, July 15, 2024
Effective February 1, 2009, filers must submit complete rate
				filings that comply with the
SERFF Industry Manual
posted on
				the SERFF web site (
www.serff.com
) and the
Washington State SERFF Property and Casualty Rate Filing General
				Instructions
posted on the commissioner's web site (
www.insurance.wa.gov
). All rate filings must
				comply with these rules:
(1) Filers
			 must submit all rate filings and related documents to the commissioner
			 electronically using SERFF.
(2)
			 Filers must send all written correspondence related to a rate filing in
			 SERFF.
(3) Each rate filing must
			 be:
(a) Accurate and internally consistent;
			 and
(b) Submitted separately by
			 type of insurance.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-016 - The commissioner may reject filings

Current through Register Vol. 24-14, July 15, 2024
(1) The commissioner may reject and close any
			 filing that does not comply with WAC
			 284-24-011. If the commissioner
			 rejects a filing, the insurer has not filed rates with the
			 commissioner.
(2) If the
			 commissioner rejects a filing and the filer resubmits it as a new filing, the
			 date filed will be the date the commissioner receives and accepts the new
			 filing.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.110.150. 08-21-091 (Matter No.
				  2007-11), §
										284-24-016, filed 10/15/08,
				  effective 2/1/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-021 - Rules for rejected rate filings made under RCW 48.19.043

Current through Register Vol. 24-14, July 15, 2024
RCW  48.19.043(2)
				 says an insurer must file rates within thirty days after the date the insurer
				first uses them. If the commissioner rejects a filing under WAC
				284-24-016, the insurer has not
				filed rates with the commissioner. If the commissioner rejects a filing
				submitted under
				RCW
				 48.19.043, the:
(1) Filer must promptly send a new rate
			 filing to the commissioner within the original thirty-day use and file period
			 in RCW
			  48.19.043(2); or
(2) Insurer must stop using the rates sent
			 with the rejected filing and amend policies using approved rates.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.110.150. 08-21-091 (Matter No.
				  2007-11), §
										284-24-021, filed 10/15/08,
				  effective 2/1/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-041 - Filing authorization rules

Current through Register Vol. 24-14, July 15, 2024
An insurer may authorize a rating organization or third-party
				filer to file rates on its behalf. For the purposes of this section, a
				"third-party filer" means a person or entity in the business of providing
				insurance regulatory compliance services.
(1) If an insurer delegates filing authority
			 to a third-party filer, each filing must include a letter as supporting
			 documentation signed by an officer of the insurer authorizing the third-party
			 filer to make filings on behalf of the insurer.
(2) The insurer may not delegate
			 responsibility for the content of a filing to a third-party filer. The
			 commissioner considers errors and omissions made by the third-party filer to be
			 errors and omissions of the insurer.
(3) If a third-party filer has a pattern of
			 making filings that do not comply with this chapter, the commissioner may
			 reject a delegation of filing authority from the insurer.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.110.150. 08-21-091 (Matter No.
				  2007-11), §
										284-24-041, filed 10/15/08,
				  effective 2/1/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-046 - Rating organization "bureau" rules

Current through Register Vol. 24-14, July 15, 2024
Under
				RCW
				 48.19.050, an insurer may authorize a bureau
				to file rates on its behalf. This section applies to members or subscribers
				that have granted filing authority to a bureau.
(1) Bureau members or subscribers must follow
			 instructions provided by the bureau when they implement, delay or nonadopt a
			 bureau rate filing that has been approved by the commissioner.
(2) If the insurer has authorized the rating
			 organization to make filings on its behalf, the insurer is not required to file
			 new bureau rates with the commissioner, except as provided under WAC
			 284-24-062.
(3) The insurer must make a filing with the
			 commissioner if an insurer delays the effective date, nonadopts or changes a
			 filing in any way. The filing must:
(a)
			 Include a statement of the changes proposed by the insurer;
(b) Provide the filing number used by the
			 bureau when it filed rates with the commissioner; and
(c) Be received by the commissioner in a
			 timely manner.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-049 - Rules that apply to advisory organizations

Current through Register Vol. 24-14, July 15, 2024
(1) Advisory organizations may file rates
			 with the commissioner. The commissioner will review the advisory rates using
			 the same standards that apply to insurers and rating organizations. If the
			 rates comply with
			 chapter
			 48.19 RCW, the
			 commissioner will approve the rates on an advisory basis.
(2) If an insurer wants to use approved
			 advisory rates, the insurer must make a rate filing that includes:
(a) A statement by the insurer of its intent
			 to use the advisory rates;
(b) The
			 filing number used by the advisory organization when it submitted the filing;
			 and
(c) Statistical and actuarial
			 support for each component of the rate filing that is not part of the advisory
			 filing.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-051 - Rules for responding to objection letters

Current through Register Vol. 24-14, July 15, 2024
If the commissioner disapproves a filing under
				RCW
				 48.19.100, the objection letter will state
				the reason(s) for disapproval, including relevant law and administrative rules.
				Filers must:
(1) Provide a complete
			 response to an objection letter. A complete response includes:
(a) A separate response to each objection;
			 and
(b) If appropriate, revised
			 exhibits and supporting documentation.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-060 - Suspension of filing requirements for surplus lines insurance

Current through Register Vol. 24-14, July 15, 2024
Under
				RCW
				 48.19.080, the rate filing requirements in
				chapter
				48.19 RCW are suspended
				for surplus line coverages. Insurers are not required to file rates for surplus
				line insurance policies placed in this state under chapter 48.15
				RCW.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.110.150. 08-21-091 (Matter No.
				  2007-11), §
										284-24-060, filed 10/15/08,
				  effective 2/1/09. Statutory Authority:
				  RCW
				   48.02.060,
				  48.19.080,
				  48.19.370 and
				  48.19.020. 98-20-102 (Matter No. R
				  98-4), §
										284-24-060, filed 10/7/98,
				  effective 11/7/98. Statutory Authority:
				  RCW
				  48.02.060. 94-20-059, §
										284-24-060, filed 9/30/94,
				  effective 10/31/94. Statutory Authority:
				  RCW
				   48.02.060,
				  48.19.080 and
				  48.19.370. 90-13-041 (Order R
				  90-5), §
										284-24-060, filed 6/14/90,
				  effective 7/15/90. Statutory Authority:
				  RCW
				   48.02.060(3)(e). 86-24-043
				  (Order R 86-7), §
										284-24-060, filed 11/26/86.
				  Statutory Authority:
				  RCW
				  48.02.060. 82-06-036 (Order R 82-1), §
										284-24-060, filed
				  3/1/82.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-062 - Loss cost filing rule

Current through Register Vol. 24-14, July 15, 2024
(1) The
			 following definitions apply to this rule:
(a)
			 "Prospective loss cost" means that portion of a rate that:
(i) Provides only for losses and loss
			 adjustment expenses;
(ii) Does not
			 provide for expenses or profit; and
(iii) Is based on historical aggregate losses
			 and loss adjustment expenses adjusted through development to their ultimate
			 value and projected through trending to a future point in time.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-065 - Demonstration that rates satisfy the requirements of RCW 48.19.020

Current through Register Vol. 24-14, July 15, 2024
(1) When an insurer
			 or rating organization files rates with the commissioner, it must demonstrate
			 that the proposed rates satisfy the requirements of
			 chapter
			 48.19 RCW.
			 RCW
			  48.19.020 requires that premium rates for
			 insurance are not excessive, inadequate, or unfairly discriminatory. A rate is
			 reasonable and not excessive, inadequate, or unfairly discriminatory if it is
			 an actuarially sound estimate of the expected value of all future costs
			 associated with an individual risk transfer. Such costs include claims, claim
			 settlement expenses, operational and administrative expenses, and the cost of
			 capital.
(2) For the purposes of
			 this section, "operating ratio" means the sum of after-tax underwriting profit
			 (or loss) and after-tax investment income on assets corresponding to unearned
			 premium reserves and loss and loss adjustment expense reserves, divided by
			 premium.
(3) For liability
			 insurance, if the increased limits factors include risk loads, the proportion
			 of the expected premium (net of expenses) arising from the risk loads for all
			 policy limits must be included in the expected underwriting profit or
			 loss.
(4) The commissioner will not
			 consider rates excessive if the expected operating ratio corresponding to the
			 proposed rate level is less than or equal to five percent.
(5) The commissioner will not consider rates
			 inadequate if the expected operating ratio corresponding to the proposed rate
			 level is greater than or equal to zero.
(6) When an insurer, advisory organization,
			 or rating organization files rates for which the expected operating ratio
			 corresponding to the proposed rate level is less than zero or greater than five
			 percent, it must demonstrate that the proposed rates are consistent with the
			 principles stated in subsection (1) of this section. In other words, the
			 insurer or rating organization must show how it has accounted for all expected
			 costs, including claims, claim settlement expenses, operational and
			 administrative expenses, and the cost of capital.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.110.150. 08-21-091 (Matter No.
				  2007-11), §
										284-24-065, filed 10/15/08,
				  effective 2/1/09. Statutory Authority:
				  RCW
				   48.02.060,
				  48.19.020,
				  48.19.080. 05-22-061 (Matter No. R
				  2003-05), §
										284-24-065, filed 10/31/05,
				  effective 1/1/06. Statutory Authority:
				  RCW
				   48.02.060,
				  48.19.080,
				  48.19.370 and
				  48.19.020. 98-20-102 (Matter No. R
				  98-4), §
										284-24-065, filed 10/7/98,
				  effective 11/7/98. Statutory Authority:
				  RCW
				   48.02.060 and
				  48.19.080. 91-01-073 (Order R
				  90-13), §
										284-24-065, filed 12/17/90,
				  effective 1/17/91.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-070 - Rules for risks if there are no rate manuals

Current through Register Vol. 24-14, July 15, 2024
(1) Under
			 RCW
			  48.19.080, the commissioner may waive
			 insurance rate filing requirements in
			 chapter
			 48.19 RCW. Except as
			 described in subsection (2) of this section, the commissioner will waive rate
			 filing requirements for individual risks or classes of insurance for which the
			 insurer has no classification plan, rate, guide rate, range of rates or rating
			 rule. This section applies to these classes of insurance:
(a) A class in which risks are so different
			 from each other that no rate or range of rates could be representative of
			 all;
(b) A class that does not
			 develop enough loss experience to warrant any credibility for ratemaking
			 purposes; or
(c) Policies involving
			 a new product or coverage for which there is no appropriate analogy to similar
			 exposures for ratemaking purposes.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-080 - Rate filings rule for inland marine risks

Current through Register Vol. 24-14, July 15, 2024
Under
				RCW
				 48.19.030 and
				48.19.070, insurers are not
				required to file rates with the commissioner for certain inland marine risks
				that are not written according to manual rates or rating plans. The following
				inland marine classes of risks, which are characterized by large numbers of
				insureds and homogeneous loss exposure, are written according to manual rates
				or rating plans and must be filed under
				chapter
				48.19 RCW. Manual rates,
				classification or rating plans that apply to the following types of risks must
				be filed with the commissioner:
(1)
			 Accounts receivable coverage;
(2)
			 Agricultural machinery, farm equipment and livestock coverage;
(3) Bicycle floater;
(4) Boatowners' insurance or coverage for
			 pleasure boats twenty-six feet and under in length;
(5) Camera floater;
(6) Camera and musical instrument
			 dealers;
(7) Commercial articles
			 coverage (photographic equipment and musical instruments);
(8) Equipment dealers coverage;
(9) Film coverage form;
(10) Fine arts private collections;
(11) Floor plan merchandise
			 coverage;
(12) Fur
			 dealers;
(13) Hardware
			 dealers;
(14) Implement
			 dealers;
(15) Garment
			 contractors;
(16) Golfer's
			 equipment floater;
(17) Jewelry
			 dealers;
(18) Mail
			 coverage;
(19) Personal articles
			 floater;
(20) Personal effects
			 floater;
(21) Personal furs or fur
			 floater;
(22) Personal jewelry or
			 jewelry floater;
(23) Personal
			 property floater;
(24) Physicians'
			 and surgeons' equipment coverage;
(25) Portable electronics as defined in
			 RCW
			  48.120.005;
(26) Signs coverage;
(27) Silverware floater;
(28) Stamp and coin collection
			 floater;
(29) Travel coverage other
			 than accident and sickness;
(30)
			 Valuable papers and records; and
(31) Wedding presents.
Statutory Authority:
				  RCW
				  48.02.060 and 48.120.050. WSR 13-14-099
				  (Matter No. R 2013-07), §
										284-24-080, filed 7/2/13,
				  effective 8/2/13. Statutory Authority:
				  RCW
				   48.02.060,
				  48.110.150. WSR 08-21-091 (Matter
				  No. 2007-11), §
										284-24-080, filed 10/15/08,
				  effective 2/1/09. Statutory Authority:
				  RCW
				   48.02.060,
				  48.19.080,
				  48.19.370 and
				  48.19.020. WSR 98-20-102 (Matter
				  No. R 98-4), §
										284-24-080, filed 10/7/98,
				  effective 11/7/98. Statutory Authority:
				  RCW
				   48.02.060(3)(e). WSR
				  86-24-043 (Order R 86-7), §
										284-24-080, filed 11/26/86.
				  Statutory Authority:
				  RCW
				  48.02.060. WSR 82-06-036 (Order R 82-1),
				  §
										284-24-080, filed
				  3/1/82.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-100 - Schedule rating plan rules

Current through Register Vol. 24-14, July 15, 2024
(1) An
			 insurer may file a schedule rating plan for the following monoline or packaged
			 types or subtypes of insurance:
(a)
			 Commercial automobile;
(b)
			 Commercial crime;
(c) Commercial
			 fidelity and surety;
(d) Commercial
			 general liability;
(e) Commercial
			 inland marine;
(f) Commercial
			 multiperil; and
(g) Commercial
			 property.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-110 - An insurer must make a rate filing to change zip code boundaries

Current through Register Vol. 24-14, July 15, 2024
(1) An insurer must
			 not change an insured's rates solely because the insured's zip code has been
			 changed by the United States Postal Service. This section does not prohibit
			 insurers from using zip codes to define rating territories.
(2) The zip code boundaries approved by the
			 commissioner determine the physical boundaries of each territory. The insurer
			 must make a new rate filing to change the physical boundaries of a rating
			 territory.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.110.150. 08-21-091 (Matter No.
				  2007-11), §
										284-24-110, filed 10/15/08,
				  effective 2/1/09. Statutory Authority:
				  RCW
				   48.02.060,
				  48.19.080,
				  48.19.370 and
				  48.19.020. 98-20-102 (Matter No. R
				  98-4), §
										284-24-110, filed 10/7/98,
				  effective 11/7/98.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-115 - Effective date rules

Current through Register Vol. 24-14, July 15, 2024
(1)
			 Filers must include a common effective date for all rates submitted in a
			 filing. If a filer includes a request in the filing, an insurer may use a
			 different effective date for renewal policies, subject to a maximum interval of
			 sixty days.
(2) The proposed
			 effective date must be a specific date.
(a)
			 Vague statements, such as one that says the insurer will implement a filing
			 thirty days after approval is not specific, and does not comply with this
			 section.
(b) If an insurer is
			 filing a new program or optional coverage, the filer may request an effective
			 date concurrent with the commissioner's approval.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-120 - Rate filing requirements are suspended for large commercial accounts

Current through Register Vol. 24-14, July 15, 2024
(1) Under
			 RCW
			  48.19.080, the commissioner will suspend the
			 rate filing requirements in
			 chapter
			 48.19 RCW for large
			 commercial property and casualty accounts.
(2) For purposes of this section, "large
			 commercial property and casualty account" means property and casualty insurance
			 as defined in WAC
			 284-24-001(10)
			 that is purchased by a business, not-for-profit organization, or public entity
			 with enough insurance buying experience to negotiate with insurers in a largely
			 unregulated environment and that meets any two of the following criteria:
(a) Annual premiums of one hundred thousand
			 dollars or more, excluding workers compensation insurance issued by the
			 department of labor and industries and types of insurance listed in subsection
			 (6) of this section;
(b) Net
			 revenues or sales in excess of one hundred million dollars;
(c) More than two hundred
			 employees;
(d) Net worth over fifty
			 million dollars;
(e) Is a
			 not-for-profit organization or public entity with an annual budget or assets of
			 at least forty-five million dollars;
(f) Is a municipality with a population over
			 fifty thousand.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-130 - Rate stability rules

Current through Register Vol. 24-14, July 15, 2024
(1) This
			 section prescribes standards that apply to insurers' rate stability rules,
			 which are also sometimes called "transition rules" or "premium-capping rules."
			 For the purposes of this section, a "rate stability rule" means a rating rule
			 created by an insurer to limit premium changes experienced by policyholders due
			 to the insurer's:
(a) Revision of its own
			 rating plan;
(b) Acquisition or
			 planned acquisition of a book of business from an unaffiliated insurer;
			 or
(c) Moving or receiving business
			 from an affiliated insurer.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24 - Rates › Section 284-24-140 - Updating insurance scores

Current through Register Vol. 24-14, July 15, 2024
(1) This
			 section applies to insurers using insurance scores for rating of personal
			 insurance under the provisions of
			 RCW
			  48.19.035.
(2) If an insurer uses insurance scores to
			 calculate renewal premiums, the insurer must:
(a) Update each policyholder's insurance
			 score no less often than once every three years; and
(b) Calculate premiums for each policy using
			 the insurer's most recently determined insurance score for the
			 policy.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24A - Rules that apply to insurers that use credit history for personal insurance underwriting or rating › Section 284-24A-001 - What is the purpose of these rules?

Current through Register Vol. 24-14, July 15, 2024
These rules describe the standards that apply to insurers that
				use underwriting criteria or rating plans for personal insurance based on
				credit history. The rules have been adopted under the authority and purposes of
				the following laws:
				RCW
				 48.02.060;
				chapters
				48.18; 48.19; and 48.30
				RCW.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.18.100,
				  48.18.120,
				  48.19.080,
				  48.19.370,
				  48.30.010,
				  49.60.178,
				  48.18.545(7), 48.19.035(5).
				  02-19-013 (Matter No. R 2001-11), §
										284-24A-001, filed 9/6/02,
				  effective 10/7/02.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24A - Rules that apply to insurers that use credit history for personal insurance underwriting or rating › Section 284-24A-005 - Definitions that apply to this chapter

Current through Register Vol. 24-14, July 15, 2024
The definitions in this section apply throughout this
				chapter:
(1) "Demographic factors"
			 means the factors listed below if they are used in an insurer's rates, rating
			 tiers, rating factors, rating rules or risk classification plan:
(a) Age of the insured;
(b) Sex of the insured;
(c) The rating territory assigned to the
			 property location for residential property insurance and to the vehicle's
			 garage location for personal auto insurance.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24A - Rules that apply to insurers that use credit history for personal insurance underwriting or rating › Section 284-24A-007 - Filing documents incorporated by reference into this chapter

Current through Register Vol. 24-14, July 15, 2024
SERFF is a dynamic application that the NAIC will revise and
				enhance over time. To be consistent with NAIC filing standards and provide
				timely instructions to filers, the commissioner will incorporate documents
				posted on the SERFF web site into this chapter. By reference, the commissioner
				incorporates these documents into this chapter:
(1) The
SERFF Industry
			 Manual
available within the SERFF application; and
(2) The
Washington State SERFF
			 Personal Insurance Scoring Model Filing General Instructions
posted on
			 the commissioner's web site (
www.insurance.wa.gov
).
Statutory Authority:
				  RCW
				  48.02.060,
				  48.18.545,
				  48.19.035,
				  48.110.150,
				  48.18.100, and
				  48.19.040. 13-12-038 (Matter No. R
				  2013-06), §
										284-24A-007, filed 5/30/13,
				  effective 7/1/13.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24A - Rules that apply to insurers that use credit history for personal insurance underwriting or rating › Section 284-24A-010 - What must an insurer tell a consumer when it takes an adverse action?

Current through Register Vol. 24-14, July 15, 2024
(1) An insurer must
			 tell a consumer about significant factors that adversely affect the consumer's
			 credit history or insurance score. As many as four factors may be needed to
			 explain the adverse action.
(2) An
			 insurer must explain what significant factors led to an adverse action as
			 defined in
			 RCW
			  48.18.545(1)(a). The insurer
			 is responsible for making sure that the reason(s) an adverse action occurred is
			 written in reasonably clear and simple language, even if the reason(s) is
			 provided to the insurer by a vendor.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.18.545,
				  48.19.035, and
				  48.30.010. 05-02-026 (Matter No. R
				  2004-01), §
										284-24A-010, filed 12/29/04,
				  effective 7/1/05. Statutory Authority:
				  RCW
				   48.02.060,
				  48.18.100,
				  48.18.120,
				  48.19.080,
				  48.19.370,
				  48.30.010,
				  49.60.178,
				  48.18.545(7),
				  48.19.035(5).
				  02-19-013 (Matter No. R 2001-11), §
										284-24A-010, filed 9/6/02,
				  effective 10/7/02.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24A - Rules that apply to insurers that use credit history for personal insurance underwriting or rating › Section 284-24A-011 - What types of information must an insurer provide in addition to the reason(s) for the adverse action to comply with WAC 284-24A-010(2)?

Current through Register Vol. 24-14, July 15, 2024
(1) Insurers must
			 provide information that helps the consumer determine why the consumer was
			 charged a higher premium or determined to be ineligible for coverage by the
			 insurer. The following information must be included with the reason for the
			 adverse action:
(a) A description of the
			 attribute of credit history that adversely affected the consumer's insurance
			 score;
(b) How the attribute of
			 credit history affected the insurance score; and
(c) Any actions that are available to the
			 consumer that may improve this attribute of the insurance score.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24A - Rules that apply to insurers that use credit history for personal insurance underwriting or rating › Section 284-24A-012 - What types of reasons do not provide enough information to adequately explain an adverse action?

Current through Register Vol. 24-14, July 15, 2024
An insurer must explain any adverse action in reasonably clear
				and simple language. Insurers must not use phrases that do not explain why the
				consumer was charged a higher premium or determined to be ineligible for
				coverage by the insurer.
(1)
			 Explanations of adverse actions that do not meet this standard include, but are
			 not limited to:
(a) Unfavorable length of
			 credit history.
(b) Absence of
			 revolving credit account.
(c) Age
			 of oldest account or revolving credit account.
(d) Age that consumer first opened a credit
			 account.
(e) Unfavorable number of
			 bank or revolving accounts.
(f)
			 Unfavorable debt ratio.
(g)
			 Unfavorable number of accounts opened in past year.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24A - Rules that apply to insurers that use credit history for personal insurance underwriting or rating › Section 284-24A-015 - When must an insurer file the insurance scoring model to comply with the law?

Current through Register Vol. 24-14, July 15, 2024
(1) Every insurer
			 that uses an insurance scoring model to underwrite personal insurance coverage
			 must file the model with the commissioner before January 1, 2003.
(2) Every insurer that uses an insurance
			 scoring model to determine personal insurance rates or premiums must file the
			 model with the commissioner before June 30, 2003. Related rates, risk
			 classification plans, rating factors and rating plans must be filed and
			 approved by June 30, 2003.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.18.100,
				  48.18.120,
				  48.19.080,
				  48.19.370,
				  48.30.010,
				  49.60.178,
				  48.18.545(7), 48.19.035(5).
				  02-19-013 (Matter No. R 2001-11), §
										284-24A-015, filed 9/6/02,
				  effective 10/7/02.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24A - Rules that apply to insurers that use credit history for personal insurance underwriting or rating › Section 284-24A-020 - Filing an insurance scoring model

Current through Register Vol. 24-14, July 15, 2024
(1) Insurance scoring models must be filed
			 separately. The model must not be filed with any rate or rule filing.
(2) The insurance scoring model must be filed
			 in SERFF in accordance with the
Washington State SERFF Personal
			 Insurance Scoring Model Filing General Instructions
posted on the
			 commissioner's web site (
www.insurance.wa.gov
).
Statutory Authority:
				  RCW
				  48.02.060,
				  48.18.545,
				  48.19.035,
				  48.110.150,
				  48.18.100, and
				  48.19.040. 13-12-038 (Matter No. R
				  2013-06), §
										284-24A-020, filed 5/30/13,
				  effective 7/1/13. Statutory Authority:
				  RCW
				   48.02.060,
				  48.18.100,
				  48.18.120,
				  48.19.080,
				  48.19.370,
				  48.30.010,
				  49.60.178,
				  48.18.545(7), 48.19.035(5).
				  02-19-013 (Matter No. R 2001-11), §
										284-24A-020, filed 9/6/02,
				  effective 10/7/02.