reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-250 - Memorial gifts and charitable contributions - Limitations

Current through Register Vol. 24-14, July 15, 2024
(1) A title company
			 may provide no more than two hundred dollars in value of food, floral bouquets,
			 or memorial donations for the death of a producer or a producer's immediate
			 family member. This includes contributions to medical funds for a producer or a
			 producer's seriously injured or seriously ill immediate family
			 member.
(2) A title company may
			 contribute to a charity only if:
(a) The
			 contribution by the title company is made payable directly to the charity;
			 and
(b) The solicitation for the
			 contribution and the contribution are not, directly or indirectly, in exchange
			 for the referral of title insurance business.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-255 - Other things of value that title companies are permitted to give to producers

Current through Register Vol. 24-14, July 15, 2024
(1) A
			 title company must not give, offer to give, provide, or offer to provide
			 nontitle services (for example: Computerized bookkeeping, forms management,
			 computer programming, trust accounting for trust accounts not held in the name
			 of the title company, short sale consultants, or transaction coordination) or
			 any similar benefit to a producer, without charging and actually receiving a
			 fee equal to the value of the services provided and in an amount at not less
			 than what the producer would pay if the services were purchased on the open
			 market or the title company's cost to provide the service, whichever is
			 greater.
(2) A title company must
			 not allow the use of any part of its premises (for example, its conference
			 rooms or meeting rooms) to a producer without receiving a fair rental charge
			 equal to the average rental for similar premises in the area.
(3) A title company may allow the use of a
			 part of its premises (for example, its conference rooms or meeting rooms) for
			 no charge to a meeting of a trade association for no more than four meetings in
			 a calendar year.
(4) Title company
			 employees may attend activities and business meetings of producers if all of
			 the following standards are met:
(a) There is
			 no cost to the employee or title company other than the employee's own entry
			 fees, registration fees, meals, or other costs associated with the activity or
			 business meeting;
(b) The fees paid
			 by the title company are no greater than those charged to producer attendees;
			 and
(c) If the title company pays a
			 fee for an employee to attend the activity or business meeting, the title
			 company employee must actually attend the activity or business meeting, unless
			 an emergency prevents attendance.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-260 - Examples of prohibited matters

Current through Register Vol. 24-14, July 15, 2024
The following is a partial, nonexclusive list of things of
				value that a title company must not give to a producer. Even though a thing of
				value is not included on this list a title company must not give any other
				things of value to a producer unless clearly and specifically permitted by WAC
				284-29-200 through
				284-29-255.
(1) Except as permitted in WAC
			 284-29-200 through
			 284-29-255:
(a) A title company must not cosponsor,
			 subsidize, or contribute fees, prizes, gifts, or give things of value for a
			 promotional function or activity off the title company's premises whether the
			 function is self-promotional or not.
(b) Examples of off-premises functions or
			 activities include, but are not limited to:
(i) Meetings;
(ii) Meals, including breakfasts, luncheons,
			 dinners or cocktail parties;
(iii)
			 Conventions, installation ceremonies, celebrations, hospitality rooms or
			 similar functions;
(iv) Outings
			 such as boat trips, fishing trips, motor vehicle rallies, sporting events of
			 any kind, gambling trips, hunting trips, ski trips, shopping trips, golf
			 tournaments, trips to or events at recreational or entertainment
			 areas;
(v) Open house celebrations,
			 or open houses at homes or property for sale;
(vi) Dances; or
(vii) Artistic performances.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-265 - Recordkeeping

Current through Register Vol. 24-14, July 15, 2024
(1) A title company
			 must keep and maintain complete, accurate, and sufficient records to
			 demonstrate compliance with WAC
			 284-29-200 through this section
			 and keep them for a period of five years after the end of the year during which
			 any thing of value was given to a producer.
(2) All records of a title company kept in
			 order to meet the terms of WAC
			 284-29-200 through this section
			 must be made available to the commissioner or the commissioner's representative
			 during regular business hours.
(3)
			 Failure of the title company to keep the records required by WAC
			 284-29-200 through this section
			 is a violation of
			 RCW
			  48.29.210.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.29.005 and
				  48.29.210. 09-05-077 (Matter No. R
				  2008-21), §
										284-29-265, filed 2/17/09,
				  effective 3/20/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-300 - Definitions

Current through Register Vol. 24-14, July 15, 2024
For purposes of WAC 284-29-300 through 284-29-340:
(1) "Closing" means the process of completing
			 a real estate transaction in accordance with the written escrow instructions of
			 the principle parties during which: Deeds, deeds of trust, mortgages, leases,
			 and other required documents are either executed or delivered, or both; an
			 accounting between the parties is made; the funds are disbursed; and the
			 appropriate documents are recorded.
(2) "Escrow" has the meaning set forth in RCW
			 18.44.-011(7).
(3) "Escrow agent"
			 has the meaning set forth in
			 RCW
			  18.44.011(8).
(4) "Escrow instructions" are the
			 instructions, signed by the principal parties to the transaction, that identify
			 the duties and responsibilities of the title insurance agent in carrying out
			 the escrow, that identify the thing or things of value held by the title
			 insurance agent, and the specified condition or set of conditions under which
			 the thing or things of value are to be transferred.
(5) "Escrow trust account" means an account
			 to hold funds in trust for third parties.
(6) "Federally insured financial institution"
			 means a financial institution that has its deposits insured by an
			 instrumentality of the federal government, including the Federal Deposit
			 Insurance Corporation (FDIC), Federal Savings and Loan Insurance Corporation
			 (FSLIC) and National Credit Union Administration (NCUA).
(7) "Positive pay" or "reverse positive pay"
			 means any system by which the authenticity of a check is determined before
			 payment is made by the financial institution against which the check is
			 drawn.
(8) "Trial balance" means a
			 list of all open individual escrow ledger record balances at the end of the
			 reconciliation period.
(9)
			 "Three-way reconciliation" means a method for discovering shortages
			 (intentional or otherwise), charges that must be reimbursed or any type of
			 errors or omissions that must be corrected in relation to an escrow trust
			 account.
(10) "Unclaimed fund"
			 means any fund that is abandoned under the Uniform Unclaimed Property Act,
			 chapter 63.29 RCW.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-310 - Title insurance agent employment restrictions

Current through Register Vol. 24-14, July 15, 2024
A title insurance agent must not, without the written consent
				of the commissioner, employ any person that has been convicted of, or plead no
				contest to either:
(1) A felony
			 involving dishonesty or a breach of trust within the last ten years;
			 or
(2) A gross misdemeanor
			 involving theft, fraud, forgery, embezzlement or the mishandling of funds,
			 within the last year.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-320 - Title insurance agent escrow records

Current through Register Vol. 24-14, July 15, 2024
Under
				RCW
				 48.29.190 title insurance agents are required
				to keep adequate records of all transactions handled by the title insurance
				agent. These records must be in an organized form and must include and conform
				with the following requirements:
(1)
			 An individual ledger for each escrow trust account for which funds are
			 received. All of the transactions in the individual ledger must be accurate,
			 posted, and kept current to the date of the most recent activity.
(2) All receipts and disbursements must be
			 posted in the individual ledger, including:
(a) Credit entries that show the date of the
			 deposit, amount, and name of the remitter;
(b) Debit entries that show the date of
			 payment, amount of payment, name of the payee, wire transfer reference number,
			 electronic payment reference number, or check number; and
(c) A monthly trial balance of each
			 individual ledger.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-330 - Controls for escrow trust accounts

Current through Register Vol. 24-14, July 15, 2024
(1) All escrow trust account funds received
			 by a title insurance agent must be deposited in the account not later than the
			 first banking day following the receipt thereof.
(2) A title insurance agent must not make any
			 disbursement from an escrow trust account unless it is in compliance with
			 RCW
			  48.29.190(1)(c).
(3) Escrow trust accounts and operating
			 accounts of the title insurance agent must be separately maintained and not
			 commingled with the title insurance agent's operating account or an employee or
			 manager's personal account.
(4) On
			 at least a monthly basis, the title insurance agent must prepare trial balances
			 for all escrow trust accounts using a three-way reconciliation method which
			 requires that the escrow trial balance, the book balance, and the reconciled
			 bank balance be verified on all open escrow balances. If all three parts of the
			 three-way reconciliation do not agree, the title insurance agent must identify
			 and reconcile the difference within a commercially reasonable period of
			 time.
(5) On at least a daily
			 basis, reconciliation of the receipts and disbursements of the escrow trust
			 account must be performed.
(6)
			 Segregation of duties must be in place to ensure the reliability of the
			 reconciliation and reconciliations must be conducted by someone other than
			 those with signing authority.
(7)
			 Results of the reconciliation must be reviewed and approved by
			 management.
(8) Appropriate
			 identification must appear on all account-related documentation including bank
			 statements, bank agreements, disbursement checks, and deposit tickets to
			 identify the account as an escrow trust account.
(9) Outstanding escrow trust account file
			 balances must be documented.
(10)
			 Appropriate authorization levels must be set by the title insurance agent and
			 reviewed annually for updates. Former employees must immediately be deleted as
			 listed signatories on all bank accounts of the title insurance agent.
(11) Unless directed by the beneficial owner,
			 all escrow trust accounts must be maintained in federally insured financial
			 institutions.
(12) The title
			 insurance agent must use positive pay or reverse positive pay, automated
			 clearing house blocks and international wire blocks, if available.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29 - Title insurance › Section 284-29-340 - Retention of records after closure of business-Notice

Current through Register Vol. 24-14, July 15, 2024
(1) Every title insurance agent providing
			 escrow services must retain and preserve business and accounting records for
			 five years after each transaction as required by
			 RCW
			  48.29.190,
			 48.17.470,
			 WAC
			 284-12-080,
			 and
			 284-29-265 and must
			 continue to do so after the business is closed.
(2) Every title insurance agent must provide
			 the commissioner thirty days' advance written notice of its intent to close the
			 business. This notice must provide the following:
(a) The most recently completed
			 reconciliation of the escrow fund account to the trial balance and all
			 supporting accounting records, including the escrow bank statement;
(b) A valid contact name, address, phone
			 number, and email address;
(c) The
			 location of the business records and how they are being retained; and
(d) A description how the records will be
			 made available for inspection by the commissioner for five years after the date
			 of completion of the escrow transactions as required by
			 RCW
			  48.17.470.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-010 - Finding and purpose

Current through Register Vol. 24-14, July 15, 2024
Title insurance protects against financial loss from defects
				in insured titles of real property. Losses from title insurance policies are
				not the primary cost to title insurers and title insurance agents. The primary
				costs incurred by title insurers and title insurance agents are maintenance of
				tract indexes and research to find title defects before the policies are
				issued. Title insurance is regulated differently than property and casualty
				insurance because loss ratios for title insurance are relatively low and
				expense ratios are fairly high. To implement and administer chapter 48.29 RCW,
				the commissioner needs detailed information about the costs underlying title
				insurance policies to regulate rates and ensure consumers are offered fair and
				equitable premiums. The purpose of this chapter is to adopt rules that
				establish:
(1) Standards for
			 determining whether a premium rate complies with
			 RCW
			  48.29.143;
(2) Standards and procedures that apply to
			 RCW 48.29.-147;
(3) The date after
			 which title insurers must use rates that have been filed and approved under
			 RCW
			  48.29.147;
(4) Information and data that must be
			 reported to the statistical reporting agent designated by the
			 commissioner;
(5) The allocation of
			 the costs and expenses of the statistical reporting agent among the title
			 insurers and title insurance agents;
(6) The apportionment of the expense of the
			 examination of the statistical reporting agent among the title insurers and
			 title insurance agents;
(7) The
			 duties and obligations of the statistical reporting agent;
(8) The information and manner in which the
			 statistical reporting agent must file the information received from the title
			 insurers and title insurance agents with the commissioner, title insurers, and
			 title insurance agents; and
(9)
			 Requirements for submitting all rate filings through SERFF.
Statutory Authority:
				  RCW
				   48.02.060 and
				  48.29.005. 10-15-092 (Matter No. R
				  2009-01), §
										284-29A-010, filed 7/20/10,
				  effective 8/20/10.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-030 - Transition to prior approval system

Current through Register Vol. 24-14, July 15, 2024
(1) On and after July 1, 2016, all rates used
			 in Washington state must be filed and approved under
			 RCW
			  48.29.147.
(2) Title insurers must submit the rate
			 filings required under
			 RCW
			  48.29.147 and subsection (1) of this section
			 to the commissioner by March 1, 2016, for rates to be effective on July 1,
			 2016. This rule allows the commissioner time to take final action on rates
			 filed under this chapter before the effective date of July 1, 2016.
(3) Rates filed under
			 RCW
			  48.29.140(2) must not be
			 used for commitments issued on or after July 1, 2016.
Statutory Authority:
				  RCW
				   48.02.060,
				  48.29.140,
				  48.29.143, and
				  48.29.147. WSR 12-15-049 (Matter
				  No. R 2012-10), §
										284-29A-030, filed 7/16/12,
				  effective 8/16/12. Statutory Authority:
				  RCW
				   48.02.060 and
				  48.29.140. WSR 11-16-031 (Matter
				  No. R 2011-07), §
										284-29A-030, filed 7/27/11,
				  effective 8/27/11. Statutory Authority:
				  RCW
				   48.02.060 and
				  48.29.005. WSR 10-15-092 (Matter
				  No. R 2009-01), §
										284-29A-030, filed 7/20/10,
				  effective 8/20/10.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-040 - Supporting information required under RCW 48.29.147

Current through Register Vol. 24-14, July 15, 2024
(1) When a title insurer files rates with the
			 commissioner, the title insurer must demonstrate that the proposed rates comply
			 with RCW
			  48.29.143. To the extent possible:
(a) Each title insurer must provide credible
			 data to support the proposed rates. If credible data are not available, the
			 title insurer must provide supporting documentation that describes its process
			 for developing the proposed rates and demonstrates that they meet the
			 requirements of
			 RCW
			  48.29.143.
(b) Data used to support the proposed rates
			 should be from the state of Washington. If data from other states are used, the
			 title insurer must explain why those data are similar to what would be expected
			 in Washington.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-050 - Unfairly discriminatory rates

Current through Register Vol. 24-14, July 15, 2024
Situations in which the rates are unfairly discriminatory under
				RCW
				 48.29.143(1) include, but
				are not limited to:
(1) Negotiation or
			 bidding of price;
(2) Rating rules
			 that do not have a definite charge for every bracket of coverage;
(3) Discounts not provided to all qualifying
			 risks;
(4) Rating plans in which
			 policies:
(a) Generating higher premiums
			 subsidize smaller policies; or
(b)
			 From one geographical area subsidize those from another geographical
			 area.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-055 - Cancellation fees

Current through Register Vol. 24-14, July 15, 2024
(1) In many
			 instances title insurers and title insurance agents issue title insurance
			 commitments prior to issuing title insurance policies. Sometimes the
			 transaction for which the title insurance commitment was issued does not close,
			 the title insurance policy is issued by another title insurer, or the title
			 insurance commitment is canceled. However, since no policy is issued, no title
			 insurance premium is collected by the title insurer or title insurance agent.
			 Therefore, any cancellation fee that title insurers and title insurance agents
			 may collect must not be considered to be premium and thus must not be included
			 in a title insurance rate filing.
(2) However, this shall not be construed in
			 any manner to prohibit title insurers and title insurance agents from charging
			 and collecting a cancellation fee or that title insurers and title insurance
			 agents are required to provide free title commitments.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-060 - Judgment rating

Current through Register Vol. 24-14, July 15, 2024
If the rates for a title insurance policy (including
				endorsements) depend in whole or in part upon the judgment of the title insurer
				or agent, the title insurer must:
(1)
			 File rating rules that describe the specific criteria used for making the
			 rates;
(2) Document the rationale
			 for each judgment rate referencing the filed rating rule;
(3) Retain supporting documentation required
			 under this section for at least three years following the effective date of the
			 policy;
(4) Make the documentation
			 available for examination by the commissioner on request; and
(5) Treat all similarly situated risks
			 equitably. If a title insurer files a judgment rate that reduces the rate for a
			 particular endorsement to a percentage of the base rate, then the title insurer
			 must reduce the rate for all similarly situated risks that meet the same
			 criteria. For example, if the title insurer charges an insured that meets
			 specific criteria a premium of ten percent of the base rate for the
			 endorsement, another insured meeting the same criteria must also be charged a
			 premium of ten percent of the base rate.
Statutory Authority:
				  RCW
				  48.02.060 and
				  48.29.005. 10-15-092 (Matter No. R
				  2009-01), §
										284-29A-060, filed 7/20/10,
				  effective 8/20/10.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-070 - Referral fees and marketing expenses

Current through Register Vol. 24-14, July 15, 2024
(1) Under
			 RCW
			  48.29.210 and WAC
			 284-29-200 through
			 284-29-265, title insurers and
			 title insurance agents:
(a) Are prohibited
			 from giving anything of value to any person for the referral of title insurance
			 business;
(b) Are prohibited from
			 giving most things of value to persons who are in a position to refer or
			 influence the referral of title insurance business;
(c) Must charge and collect for the costs of
			 providing certain listed information, services, and other items of value that
			 title insurers and their agents give to persons who are in a position to refer
			 or influence the referral of title insurance business; and
(d) Are permitted to give specified things of
			 value to producers of title insurance at no charge.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-080 - Expense component of rates

Current through Register Vol. 24-14, July 15, 2024
(1) In support of the expense component of
			 the rates, the title insurer must:
(a)
			 Include estimates of expected expenses to issue title insurance policies and
			 commitments;
(b) Exclude the
			 expected expenses related to escrow and other activities not directly related
			 to title insurance using an allocation based upon the income received from
			 title insurance premiums and escrow income, except where an allocation process
			 is not needed and the alternate calculation is fully explained;
(c) Exclude the expected expenses described
			 in WAC 284-29A-070(2);
			 and
(d) Show how those estimates
			 were calculated and demonstrate how those estimates are connected to the
			 proposed rates.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-090 - Rates must include all costs

Current through Register Vol. 24-14, July 15, 2024
All premium rates filed under
				RCW
				 48.29.147 and this chapter must include all
				costs related to the title insurance transaction, including the costs
				to:
(1) Maintain the tract
			 indexes;
(2) Search and examine the
			 title or title to be insured;
(3)
			 Issue preliminary commitments;
(4)
			 Determine that each insured estate has been created, conveyed or modified as
			 shown in the policy;
(5) Evaluate
			 coverage and amend the policy as needed with appropriate and reasonable
			 exceptions, conditions or modifications; and
(6) Any other direct or indirect cost
			 associated with performing these activities.
Statutory Authority:
				  RCW
				  48.02.060 and
				  48.29.005. 10-15-092 (Matter No. R
				  2009-01), §
										284-29A-090, filed 7/20/10,
				  effective 8/20/10.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-100 - Effect of premium split on filing of premium rates

Current through Register Vol. 24-14, July 15, 2024
If the title agency contracts between a title insurer and the
				title insurer's appointed title agents provide for a split of premiums between
				the title insurer and the title insurance agent, the title insurer must file
				premium rate schedules using supporting data and information that are
				consistent with that contractual premium split. The title insurer's base rates
				should be consistent with its actual contractual split of premiums between the
				title insurer and its agents. The title insurer's use of more than one premium
				split with its agents, if any, must be addressed through the filing of rating
				rules that specify the situations in which other premium splits are used and
				the adjustments that result from their use.
Statutory Authority:
				  RCW
				  48.02.060 and
				  48.29.005. 10-15-092 (Matter No. R
				  2009-01), §
										284-29A-100, filed 7/20/10,
				  effective 8/20/10.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-110 - Title insurance agents must report data to title insurers

Current through Register Vol. 24-14, July 15, 2024
(1) Each title
			 insurer and title insurance agent must report premium, policy count, and
			 expense data by county annually to the statistical reporting agent designated
			 by the commissioner for the preceding calendar year by May 31st of each year,
			 except as provided in subsection (5) of this section. Every title insurer must
			 file a Title Company Statistical Report with the statistical reporting agent
			 even if the title insurer had no written premium from a direct branch operation
			 during the report year. These data must be reported using the Title Company
			 Statistical Report and following the instructions published by the commissioner
			 on the commissioner's web site at
www.insurance.wa.gov
. These forms and
			 instructions are incorporated into this chapter by reference.
(2) Each annual report required by this
			 section must include:
(a) The following title
			 order count data:
(i) Number of title orders
			 opened;
(ii) Completed title orders
			 in which a policy was issued; and
(iii) Number of title orders canceled as
			 determined using WAC
			 284-29-260(10).
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-120 - 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 and on the commissioner's 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 Title
			 Insurance Rate Filing General Instructions
posted on the
			 commissioner's web site (
www.insurance.wa.gov
).
Statutory Authority:
				  RCW
				  48.02.060 and
				  48.29.005. 10-15-092 (Matter No. R
				  2009-01), §
										284-29A-120, filed 7/20/10,
				  effective 8/20/10.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-130 - General rate filing rules

Current through Register Vol. 24-14, July 15, 2024
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 Title Insurance 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
			 accurate and internally consistent.
(4) Filers must not submit combined rate and
			 form filings.
Statutory Authority:
				  RCW
				  48.02.060 and
				  48.29.005. 10-15-092 (Matter No. R
				  2009-01), §
										284-29A-130, filed 7/20/10,
				  effective 8/20/10.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-140 - 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
			 284-29A-120. If the commissioner
			 rejects a filing, the title 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 and
				  48.29.005. 10-15-092 (Matter No. R
				  2009-01), §
										284-29A-140, filed 7/20/10,
				  effective 8/20/10.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-150 - Responding to objection letters

Current through Register Vol. 24-14, July 15, 2024
If the commissioner disapproves a filing under
				RCW
				 48.29.147, 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 284-29A - Title insurance rates › Section 284-29A-160 - Filing authorization rules

Current through Register Vol. 24-14, July 15, 2024
A title insurer may authorize a third-party filer to file rates
				on its behalf. For the purposes of this section, "third-party filer" means a
				person or entity in the business of providing insurance regulatory compliance
				services.
(1) If a title insurer
			 delegates filing authority to a third-party filer, each filing must include as
			 supporting documentation a letter signed by an officer of the title insurer
			 authorizing the third-party filer to make filings on behalf of the title
			 insurer.
(2) The title 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 title 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 title insurer.
Statutory Authority:
				  RCW
				  48.02.060 and
				  48.29.005. 10-15-092 (Matter No. R
				  2009-01), §
										284-29A-160, filed 7/20/10,
				  effective 8/20/10.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-170 - Duties of the statistical reporting agent

Current through Register Vol. 24-14, July 15, 2024
The duties of the statistical reporting agent designated by
				the commissioner shall include, but not be limited to, the following:
(1) If any title insurer, title insurance
			 agent, or both, do not file their annual report required by
			 RCW
			  48.29.017 and WAC
			 284-29A-110 by May 31st of each
			 year, the statistical reporting agent must notify the commissioner by June 15th
			 of any title insurers or title insurance agents, or both, that failed to file
			 their report;
(2) Review the
			 reports received for quality and accuracy;
(3) Ensure that title insurers and title
			 insurance agents are reporting data similarly and consistently;
(4) In consultation with the commissioner,
			 aggregate data to a level that would not permit any user of the aggregate data
			 to identify data associated with any particular title insurer, title insurance
			 agent, or title insurance transaction;
(5) In consultation with the commissioner,
			 produce the reports of the aggregated data by areas that are similar in
			 expenses;
(6) Prepare and submit a
			 report of the aggregated data to the title insurers, title insurance agents,
			 and the commissioner;
(7) File the
			 individual reports received from the title insurers and title insurance agents
			 with the commissioner; and
(8)
			 Other duties as agreed to between the commissioner and the statistical
			 reporting agent consistent with
			 RCW
			  48.29.017 and this chapter.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29A - Title insurance rates › Section 284-29A-180 - Allocation of costs and expenses, including any examination costs, of the statistical reporting agent

Current through Register Vol. 24-14, July 15, 2024
RCW  48.29.017(1)
				 provides that the costs and expenses of the statistical reporting agent must be
				borne by all the authorized title insurers and licensed title insurance agents.
				RCW
				 48.03.060(6) provides that
				the expense of any examination of the statistical reporting agent must be borne
				by all the authorized title insurers and licensed title insurance
				agents.
(1) The criteria for
			 determining the annual cost and expenses, including any examination costs, of
			 the statistical reporting agent shall be determined by contract between the
			 statistical reporting agent and the commissioner. A pro rata share of the costs
			 and expenses of the statistical reporting agent shall be charged to all
			 authorized title insurers and licensed title insurance agents. The allocation
			 of the costs and expenses, including any examination costs, of the statistical
			 reporting agent among the title insurers and title insurance agents shall be
			 based upon written premium in this state by the title insurer or title
			 insurance agent as compared to the entire written premium for all title
			 insurance business written in this state. The written premium shall be
			 determined as follows:
(a) The title insurer's
			 premium volume for this state will be the amount of written premiums for the
			 title insurer's direct operations as reported on schedule T of the title
			 insurer's annual financial statement for the preceding calendar year. This
			 amount should be the same as the total of direct written premiums by the title
			 insurer in this state as filed with the statistical reporting agent.
(b) The title insurance agent's premium
			 volume for this state will be the amount of direct written premiums for the
			 preceding calendar year for all underwriters from the agents report filed with
			 the statistical reporting agent.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29B - RATING ORGANIZATIONS FOR TITLE INSURANCE › Section 284-29B-010 - Licensing requirement for rating organizations for title insurance

Current through Register Vol. 24-14, July 15, 2024
In addition to the information required by
				RCW
				 48.29.410, an application for a license as a
				rating organization for title insurance must include:
(1) An agreement that it is subject to the
			 jurisdiction of the state of Washington and governed by Title 48 RCW.
(2) An agreement to maintain the records of
			 the rating organization in a form that is accessible to the commissioner for
			 examination and statutory and rule compliance purposes.
(3) The designation of a records custodian
			 who can provide access to the records of the rating organization, including the
			 custodian's address, phone number, and email address.
(4) A designation of an individual officer of
			 the rating organization for title insurance to be the primary contact on behalf
			 of the organization and be in charge of the organization's compliance with the
			 insurance laws and rules of this state. The designation must include this
			 individual's address, phone number, and email address.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29B - RATING ORGANIZATIONS FOR TITLE INSURANCE › Section 284-29B-030 - Examination of rating organizations for title insurance

Current through Register Vol. 24-14, July 15, 2024
(1) As often as the commissioner deems
			 advisable and at least once in five years, the commissioner shall fully examine
			 each rating organization for title insurance.
(2) A licensed rating organization for title
			 insurance must reimburse the state upon presentation of an itemized statement
			 for the actual travel expenses of the commissioner's examiners, their
			 reasonable living expense allowance, and their per diem compensation, including
			 salary and the employer's cost of employee benefits, at a reasonable rate
			 approved by the commissioner, incurred on account of the examination.
(3) Every rating organization for title
			 insurance being examined, its officers, employees, and representatives must
			 produce and make freely accessible to the commissioner the accounts, records,
			 documents, and files in his or her possession or control relating to the
			 subject of the examination, and must otherwise facilitate the
			 examination.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29B - RATING ORGANIZATIONS FOR TITLE INSURANCE › Section 284-29B-040 - Requirements for a licensed rating organization for title insurance to update its rate filings

Current through Register Vol. 24-14, July 15, 2024
(1) A licensed
			 rating organization for title insurance must periodically update and file with
			 the commissioner its title insurance base rates, or their equivalent. Each base
			 rate or equivalent filing must be submitted to the commissioner no later than
			 two and one-half years after the effective date of the last approved base rate
			 filing, with a proposed effective date no later than three years after the
			 effective date of its last approved base rate filing.
(2) This section does not prohibit a rating
			 organization for title insurance from updating and filing with the commissioner
			 changes to its title insurance rates, manual of rules and rates, rating plans,
			 rate schedules, minimum rates, class of rates, or rating rules at any
			 time.
(3) After the commissioner
			 has approved a rating organization for title insurance's filing of rates,
			 manuals of rules and rates, rating plans, rate schedules, minimum rates,
			 classes of rates, and rating rules and the filing has become effective, the new
			 rates in the filing supersede all earlier corresponding rates filed by that
			 rating organization for title insurance. Insurers must not use rating
			 organization for title insurance rates that have been superseded.
(4) Rates, manuals of rules and rates, rating
			 plans, rate schedules, minimum rates, classes of rates, and rating rules filed
			 by a rating organization for title insurance and approved by the commissioner
			 are considered no longer effective three years after the effective date of the
			 rating organization for title insurance's most recent approved base rates, or
			 their equivalent, filing.
(5) In
			 the event that a rating organization for title insurance fails to timely file
			 to update its base rates, or their equivalent, under subsection (1) of this
			 section or fails to receive approval for an update to its base rates, or their
			 equivalent, before its rates become no longer effective, title insurers that
			 are members of the rating organization for title insurance would not have any
			 rates in effect. In this event, each title insurer:
(a) May continue using the rating
			 organization for title insurance's rates for up to one year after the date
			 specified in subsection (4) of this section; and
(b) Must submit to the commissioner a new
			 filing of title insurance rates under
			 RCW
			  48.29.147 with a proposed effective date at
			 most one year after the rating organization for title insurance's rates become
			 no longer effective. The title insurer must submit this filing to the
			 commissioner at least one hundred twenty days before the proposed effective
			 date of the filing. This filing will not be required if the title insurer is
			 using new rates filed by the rating organization for title insurance and
			 approved by the commissioner.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-29B - RATING ORGANIZATIONS FOR TITLE INSURANCE › Section 284-29B-190 - Effect of new rates on outstanding commitments for title insurance

Current through Register Vol. 24-14, July 15, 2024
(1) Prior to
			 issuing their title insurance policies, either directly or through a duly
			 appointed title insurance agent, title insurers generally issue title insurance
			 commitments as defined in
			 RCW
			  48.29.010(3)(f) which are
			 effective for a period no longer than ninety days (RCW
			  48.18.230).
(2) When the commitment states a specified
			 policy amount and premium and the transaction closes within ninety days from
			 the date of the issuance of the commitment:
(a) The title insurer may use the rate that
			 was in effect on the date the commitment was issued and stated in the
			 commitment even if new rates have become effective in the interim; or
(b) If the proposed policy amount and premium
			 change from that specified in the original commitment, then the title insurer
			 may use the rate that was in effect on the date the commitment was issued even
			 if new rates have become effective in the interim.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-30 - Trade practices › THE UNFAIR CLAIMS SETTLEMENT PRACTICES REGULATION › Section 284-30-300 - Authority and purpose

Current through Register Vol. 24-14, July 15, 2024
RCW  48.30.010 authorizes the
				  commissioner to define methods of competition and acts and practices in the
				  conduct of the business of insurance which are unfair or deceptive. The purpose
				  of this regulation, WAC
				  284-30-300 through
				  284-30-400, is to define certain
				  minimum standards which, if violated with such frequency as to indicate a
				  general business practice, will be deemed to constitute unfair claims
				  settlement practices. This regulation may be cited and referred to as the
				  unfair claims settlement practices regulation.
Statutory Authority:
					 RCW
					 48.02.060 and
					 48.30.010. 09-11-129 (Matter No. R
					 2007-08), §
											284-30-300, filed 5/20/09,
					 effective 8/21/09; 78-08-082 (Order R 78-3), §
											284-30-300, filed 7/27/78,
					 effective 9/1/78.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-30 - Trade practices › THE UNFAIR CLAIMS SETTLEMENT PRACTICES REGULATION › Section 284-30-310 - Scope of this regulation

Current through Register Vol. 24-14, July 15, 2024
This regulation applies to all insurers and to all insurance
				  policies and insurance contracts. This regulation is not exclusive, and acts
				  performed, whether or not specified herein, may also be deemed to be violations
				  of specific provisions of the insurance code or other
				  regulations.
Statutory Authority:
					 RCW
					 48.02.060 and
					 48.30.010. 09-11-129 (Matter No. R
					 2007-08), §
											284-30-310, filed 5/20/09,
					 effective 8/21/09; 78-08-082 (Order R 78-3), §
											284-30-310, filed 7/27/78,
					 effective 9/1/78.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-30 - Trade practices › THE UNFAIR CLAIMS SETTLEMENT PRACTICES REGULATION › Section 284-30-340 - File and record documentation

Current through Register Vol. 24-14, July 15, 2024
The insurer's claim files are subject to examination by the
				  commissioner or by duly appointed designees. The files must contain all notes
				  and work papers pertaining to the claim in enough detail that pertinent events
				  and dates of the events can be reconstructed.
Statutory Authority:
					 RCW
					 48.02.060 and
					 48.30.010. 09-11-129 (Matter No. R
					 2007-08), §
											284-30-340, filed 5/20/09,
					 effective 8/21/09; 78-08-082 (Order R 78-3), §
											284-30-340, filed 7/27/78,
					 effective 9/1/78.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-30 - Trade practices › THE UNFAIR CLAIMS SETTLEMENT PRACTICES REGULATION › Section 284-30-350 - Misrepresentation of policy provisions

Current through Register Vol. 24-14, July 15, 2024
(1) No insurer shall fail to fully disclose
				to first party claimants all pertinent benefits, coverages or other provisions
				of an insurance policy or insurance contract under which a claim is
				presented.
(2) No insurance
				producer or title insurance agent shall conceal from first party claimants
				benefits, coverages or other provisions of any insurance policy or insurance
				contract when such benefits, coverages or other provisions are pertinent to a
				claim.
(3) No insurer shall deny a
				claim for failure to exhibit the property without proof of demand and unfounded
				refusal by a claimant to do so.
(4)
				No insurer shall, except where there is a time limit specified in the policy,
				make statements, written or otherwise, requiring a claimant to give written
				notice of loss or proof of loss within a specified time limit and which seek to
				relieve the company of its obligations if such a time limit is not complied
				with unless the failure to comply with such time limit prejudices the insurer's
				rights.
(5) No insurer shall
				request a first party claimant to sign a release that extends beyond the
				subject matter that gave rise to the claim payment.
(6) No insurer shall issue checks or drafts
				in partial settlement of a loss or claim under a specific coverage which
				contain language which release the insurer or its insured from its total
				liability.
(7) No insurer shall
				make a payment of benefits without clearly advising the payee, in writing, that
				it may require reimbursement, when such is the case.
Statutory Authority:
					 RCW
					 48.02.060(3)(a) and
					 48.17.010(5).
					 11-01-159 (Matter No. R 2010-09), §
											284-30-350, filed 12/22/10,
					 effective 1/22/11. Statutory Authority:
					 RCW
					  48.02.060,
					 48.44.050 and
					 48.46.200. 87-09-071 (Order R
					 87-5), §
											284-30-350, filed 4/21/87.
					 Statutory Authority:
					 RCW
					  48.02.060 and
					 48.30.010. 78-08-082 (Order R
					 78-3), §
											284-30-350, filed 7/27/78,
					 effective 9/1/78.