reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › VALUATION OF STOCK OF SUBSIDIARY › Section 284-16-210 - Adjustment procedure

Current through Register Vol. 24-14, July 15, 2024
The commissioner may, after notice and opportunity to be
				  heard, determine that the basis used for valuation of the stock of any
				  subsidiary does not, under the specific circumstances of the case, reflect the
				  value of the subsidiary and may order either an adjustment in valuation or the
				  use of one of the other specified bases of valuation.
Order R 76-7, §
											284-16-210, filed
					 11/30/76.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › VALUATION OF STOCK OF SUBSIDIARY › Section 284-16-220 - Cumulative limitations

Current through Register Vol. 24-14, July 15, 2024
Except as modified by this regulation, applicable cumulative
				  limitations of
				  chapter
				  48.13 RCW shall continue
				  to apply.
Order R 76-7, §
											284-16-220, filed
					 11/30/76.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › FINANCIALLY HAZARDOUS CONDITION › Section 284-16-300 - Purpose

Current through Register Vol. 24-14, July 15, 2024
(1) The purpose of
				this regulation, WAC
				284-16-300 through
				284-16-320 is to set forth the
				standards which the commissioner will use to identify insurers in such
				condition as to render the continuance of their business hazardous to their
				policyholders, creditors or to the general public.
(2) This regulation shall not be interpreted
				to limit the powers granted the commissioner by any laws or parts of laws of
				this state, nor shall this regulation be interpreted to supersede any laws or
				parts of laws of this state.
Statutory Authority:
					 RCW
					 48.02.060,
					 48.31.435,
					 48.44.050, and
					 48.46.200. 09-24-053 (Matter No. R
					 2009-06), §
											284-16-300, filed 11/24/09,
					 effective 12/25/09. Statutory Authority:
					 RCW
					 48.02.060. 92-19-039 (Order R 92-9), §
											284-16-300, filed 9/9/92,
					 effective 10/10/92.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › FINANCIALLY HAZARDOUS CONDITION › Section 284-16-320 - Manner in which commissioner will exercise authority

Current through Register Vol. 24-14, July 15, 2024
(1) For the purpose of making a determination
				of an insurer's financial condition under this regulation, the commissioner
				may:
(a) Disregard any credit or amount
				receivable resulting from transactions with a reinsurer which is insolvent,
				impaired, or otherwise subject to a delinquency proceeding;
(b) Make appropriate adjustments including
				disallowance to asset values attributable to investments in or transactions
				with parents, subsidiaries, or affiliates consistent with the
NAIC
				Accounting Policies and Procedures Manual
, state laws or
				regulations;
(c) Refuse to
				recognize the stated value of accounts receivable if the ability to collect
				receivables is highly speculative in view of the age of the account or the
				financial condition of the debtor; or
(d) Increase the insurer's liability in an
				amount equal to any contingent liability, pledge, or guarantee not otherwise
				included if there is a substantial risk that the insurer will be called upon to
				meet the obligation undertaken within the next twelve-month period.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-400 - Title and scope

Current through Register Vol. 24-14, July 15, 2024
(1) This
				regulation, WAC
				284-16-400 through
				284-16-540, shall be known and
				may be cited as the "Washington minimum reserve standards for individual and
				group disability insurance contracts regulation."
(2) These standards apply to all individual
				and group disability insurance coverages except medicare supplement insurance
				as governed by WAC
				284-66-210.
Statutory Authority:
					 RCW
					 48.02.060. 92-19-038 (Order R 92-8), §
											284-16-400, filed 9/9/92,
					 effective 10/10/92.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-420 - Reserves in excess of minimum reserve standards

Current through Register Vol. 24-14, July 15, 2024
When an insurer determines that adequacy of its disability
				  insurance reserves requires reserves in excess of the minimum standards
				  specified herein, such increased reserves shall be held and shall be considered
				  the minimum reserves for that insurer.
Statutory Authority:
					 RCW
					 48.02.060. 92-19-038 (Order R 92-8), §
											284-16-420, filed 9/9/92,
					 effective 10/10/92.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-430 - Prospective gross premium valuation

Current through Register Vol. 24-14, July 15, 2024
(1) With respect to any block of contracts,
				or with respect to an insurer's disability business as a whole, a prospective
				gross premium valuation is the ultimate test of reserve adequacy as of a given
				valuation date. The gross premium valuation shall take into account, for
				contracts in force, in a claims status, or in a continuation of benefits status
				on the valuation date, the present value as of the valuation date, adjusted for
				future premium increases reasonably expected to be put into effect, of:
(a) All expected benefits unpaid;
(b) All expected expenses unpaid;
				and
(c) All unearned or expected
				premiums.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-440 - General claim reserve requirements

Current through Register Vol. 24-14, July 15, 2024
(1) Claim reserves are required for all
				incurred but unpaid claims on all disability insurance policies;
(2) Appropriate claim expense reserves are
				required with respect to the estimated expense of settlement of all incurred
				but unpaid claims; and
(3) All such
				reserves for prior valuation years are to be tested for adequacy and
				reasonableness along the lines of claim runoff schedules in accordance with the
				statutory financial statement including consideration of any residual unpaid
				liability.
Statutory Authority:
					 RCW
					 48.02.060. 92-19-038 (Order R 92-8), §
											284-16-440, filed 9/9/92,
					 effective 10/10/92.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-450 - Minimum standards for claim reserves

Current through Register Vol. 24-14, July 15, 2024
(1) For disability income:
(a) The maximum interest rate for claim
				reserves is specified in WAC
				284-16-520.
(b) Minimum standards with respect to
				morbidity are those specified in WAC
				284-16-500 and
				284-16-510; except that, at the
				option of the insurer, for claims with a duration from date of disablement of
				less than two years, reserves may be based on the insurer's experience, if such
				experience is considered credible, or upon other assumptions designed to place
				a sound value on the liabilities.
(c) For contracts with an elimination period,
				the insurer shall measure the duration of disablement as dating from the time
				that benefits would have begun to accrue had there been no elimination
				period.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-460 - Premium reserves

Current through Register Vol. 24-14, July 15, 2024
(1) General
				premium reserve requirements are:
(a) Unearned
				premium reserves are required for all contracts, including credit insurance
				disability contracts, with respect to the period of coverage for which
				premiums, other than premiums paid in advance, have been paid beyond the date
				of valuation;
(b) If premiums due
				and unpaid are carried as an asset, the insurer shall treat the premiums as
				premiums in force, subject to unearned premium reserve determination. The
				insurer shall carry as an offsetting liability the value of unpaid commissions,
				premium taxes, and the cost of collection associated with due and unpaid
				premiums; and
(c) Insurers may
				appropriately discount to the valuation date the gross premiums paid in advance
				for a period of coverage commencing after the next premium due date which
				follows the date of valuation. The insurer shall hold this discounted premium
				either as a separate liability or as an addition to the unearned premium
				reserve which would otherwise be required as a minimum.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-470 - Contract reserves

Current through Register Vol. 24-14, July 15, 2024
(1) General
				contract reserve requirements are:
(a)
				Contract reserves are required, unless otherwise specified in (b) of this
				subsection for:
(i) All individual and group
				contracts with which level premiums are used; or
(ii) All individual and group contracts with
				respect to which, due to the gross premium pricing structure at issue, the
				value of the future benefits at any time exceeds the value of any appropriate
				future valuation net premiums at that time. The insurer shall determine the
				values specified in this item (ii) on the basis specified in subsection (2) of
				this section.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-480 - Determination of adequacy

Current through Register Vol. 24-14, July 15, 2024
The insurer shall determine the adequacy of its disability
				  insurance reserves on the basis of the claim reserves, premium reserves, and
				  contract reserves combined. However, these standards emphasize the importance
				  of determining appropriate reserves for each of the three categories
				  separately.
Statutory Authority:
					 RCW
					 48.02.060. 92-19-038 (Order R 92-8), §
											284-16-480, filed 9/9/92,
					 effective 10/10/92.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-490 - Reinsurance

Current through Register Vol. 24-14, July 15, 2024
Increases to, or credits against reserves carried, arising
				  because of reinsurance assumed or reinsurance ceded, must be determined in a
				  manner consistent with these minimum reserve standards and with all applicable
				  provisions of the reinsurance contracts which affect the insurer's
				  liabilities.
Statutory Authority:
					 RCW
					 48.02.060. 92-19-038 (Order R 92-8), §
											284-16-490, filed 9/9/92,
					 effective 10/10/92.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-500 - Specific minimum morbidity standards for individual disability contracts

Current through Register Vol. 24-14, July 15, 2024
(1) Disability
				income benefits due to accident or sickness.
(a) Contract reserves for:
(i) Contracts issued on or after January 1,
				1967, and prior to January 1, 1986: The 1964 Commissioners Disability Table (64
				CDT).
(ii) Contracts issued on or
				after January 1, 1993: The 1985 Commissioners Individual Disability Tables A
				(85CIDA); or The 1985 Commissioners Individual Disability Tables B
				(85CIDB).
(iii) Contracts issued
				during 1986 through December 31, 1992: Optional use of either the 1964 Table or
				the 1985 Tables.
(iv) Each insurer
				shall elect, with respect to all individual contracts issued in any one
				statement year, either it will use Tables A or Tables B as the minimum
				standard. The insurer may, however, elect to use the other tables with respect
				to any subsequent statement year.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-510 - Specific minimum morbidity standards for group disability contracts

Current through Register Vol. 24-14, July 15, 2024
(1) Disability
				income benefits due to accident or sickness.
(a) Contract reserves for:
(i) Contracts issued prior to January 1,
				1993: The same basis, if any, as that employed by the insurer as of December
				31, 1992;
(ii) Contracts issued on
				or after January 1, 1993: The 1987 Commissioners Group Disability Income Table
				(87CGDT).
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-520 - Specific standards for interest

Current through Register Vol. 24-14, July 15, 2024
(1) For contract reserves the maximum
				interest rate is the maximum rate permitted by law in the valuation of life
				insurance issued on the same date as the disability insurance
				contract.
(2) For claim reserves
				the maximum interest rate is the maximum rate permitted by law in the valuation
				of life insurance issued on the same date as the claim incurral date.
Statutory Authority:
					 RCW
					 48.02.060. 92-19-038 (Order R 92-8), §
											284-16-520, filed 9/9/92,
					 effective 10/10/92.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-530 - Specific standards for mortality

Current through Register Vol. 24-14, July 15, 2024
The mortality basis used shall be according to a table, but
				  without use of selection factors, permitted by law for the valuation of whole
				  life insurance issued on the same date as the disability insurance
				  contract.
Statutory Authority:
					 RCW
					 48.02.060. 92-19-038 (Order R 92-8), §
											284-16-530, filed 9/9/92,
					 effective 10/10/92.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › MINIMUM RESERVE STANDARDS FOR INDIVIDUAL AND GROUP DISABILITY INSURANCE CONTRACTS › Section 284-16-540 - Reserves for waiver of premium

Current through Register Vol. 24-14, July 15, 2024
(1) Waiver of premium reserves involve
				several special considerations. First, many disability valuation tables are
				based on exposures that include contracts on premium waiver as in-force
				contracts. Hence, contract reserves based on these tables are not reserves on
				"active lives" but rather reserves on contracts "in force." This is true for
				the 1964 CDT and for both the 1985 CIDA and CIDB Tables.
(2) Accordingly, tabular reserves using any
				of these tables should value reserves on the following basis:
(a) Claim reserves should include reserves
				for premiums expected to be waived, valuing as a minimum the valuation net
				premium being waived.
(b) Premium
				reserves should include contracts on premium waiver as in-force contracts,
				valuing as a minimum the unearned modal valuation net premium being
				waived.
(c) Contract reserves
				should include recognition of the waiver of premium benefit in addition to
				other contract benefits provided for, valuing as a minimum the valuation net
				premium to be waived.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › ADMINISTRATIVE SUPERVISION OF INSURERS › Section 284-16-600 - Purpose

Current through Register Vol. 24-14, July 15, 2024
The purpose of this regulation, WAC
				  284-16-600 through
				  284-16-650, is to establish
				  standards and procedures for the administrative supervision of insurers
				  exceeding their powers or engaging in methods or practices that render the
				  continuance of their business financially hazardous to their policyholders,
				  creditors or the general public.
Statutory Authority:
					 RCW
					 48.02.060,
					 48.31.435,
					 48.31.400, and
					 48.31.900. 09-23-022 (Matter No. R
					 2008-15), §
											284-16-600, filed 11/9/09,
					 effective 12/10/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › ADMINISTRATIVE SUPERVISION OF INSURERS › Section 284-16-610 - Definitions

Current through Register Vol. 24-14, July 15, 2024
The following definitions apply throughout this regulation
				  unless the context clearly requires otherwise:
(1) The term "exceeded its powers" has the
				meaning set forth at
				RCW
				 48.31.020(2)(a).
(2) The term "financially hazardous" means
				the standards set forth at WAC
				284-16-310.
(3) "Insurer" has the meaning set forth at
				RCW
				 48.31.020(1) and
				48.31.021.
(4) "Plan of correction" is an insurer's
				written plan to address or correct the commissioner's requirements to abate the
				findings and determination in the commissioner's order for administrative
				supervision.
Statutory Authority:
					 RCW
					 48.02.060,
					 48.31.435,
					 48.31.400, and
					 48.31.900. 09-23-022 (Matter No. R
					 2008-15), §
											284-16-610, filed 11/9/09,
					 effective 12/10/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › ADMINISTRATIVE SUPERVISION OF INSURERS › Section 284-16-620 - Process for establishing administrative supervision of an insurer

Current through Register Vol. 24-14, July 15, 2024
(1) The
				commissioner may issue an order for administrative supervision and appoint an
				administrative supervisor if the commissioner makes a finding that:
(a) The insurer is in a condition which makes
				its continued operation financially hazardous to its policyholders, creditors
				or the general public; or
(b) The
				insurer has exceeded its powers.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › ADMINISTRATIVE SUPERVISION OF INSURERS › Section 284-16-630 - Plan of correction

Current through Register Vol. 24-14, July 15, 2024
(1) This
				plan of correction must include one or more of the actions under WAC
				284-16-320(2),
				and may include one or more prohibitions contained in the order.
(2) The contents of a plan of correction must
				address the specific facts and circumstances that led to the order. The plan of
				correction must include all of the following elements necessary to fully
				address the list of requirements contained in the administrative supervision
				order:
(a) An executive summary identifying
				the objective goals of the plan with key implementation dates and a projected
				date for full statutory compliance;
(b) A background description of the insurer
				describing its history, ownership structure, relationships with affiliates,
				management structure, key employees, and overall operating structure of its
				organization;
(c) The financial
				condition of the insurer summarizing its major categories of assets and
				liabilities, revenues and expenses, and debt and capital structure based on
				actual annual results for the previous two calendar years and monthly financial
				forecasts and assumptions for the next three year period to include any
				specific business plans by function from the date of the commissioner's
				order;
(d) The causes of the
				financially hazardous condition or exceeding its powers situation giving rise
				to supervision proceedings;
(e) The
				proposed corrective actions specifically identifying operational changes,
				contractual changes, management changes, and internal control structure
				changes;
(f) A proposal for
				monitoring and reporting systems to provide periodic reviews of progress and
				comparisons of actual results with the plan of correction objectives;
(g) An agreement that the insurer will
				provide a copy of any notice, request, or other communication from any other
				regulatory authority that is received by the insurer under administrative
				supervision to the administrative supervisor or designee within five business
				days after receipt by the insurer; and
(h) Any other element necessary to fully
				address a requirement contained in the administrative supervision
				order.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › ADMINISTRATIVE SUPERVISION OF INSURERS › Section 284-16-640 - Compliance with written requirements of commissioner - Noncompliance

Current through Register Vol. 24-14, July 15, 2024
(1) Within fifteen
				days after receipt of the commissioner's order, the insurer under
				administrative supervision must submit its plan of correction to address or
				correct the stated requirements in writing to the commissioner. The
				commissioner may extend the fifteen-day time period for submission of the plan
				of correction if the commissioner finds the insurer establishes good cause for
				the extension.
(2) If the
				commissioner and the insurer agree on the plan of correction, the commissioner
				will issue a written order to carry out the plan of correction. The insurer
				must not implement its plan of correction prior to receiving written approval
				by the commissioner.
(3) If the
				insurer fails to timely submit or the commissioner and the insurer are unable
				to agree to a plan of correction, the commissioner may enter an order requiring
				the insurer to take such corrective actions as may be reasonably necessary to
				remove the causes and conditions giving rise to the need for administrative
				supervision.
(4) Failure of the
				insurer to timely submit a plan of correction is a violation of the applicable
				provisions of
				Title
				48 RCW.
(5) A copy of the commissioner's order
				approving the plan of correction or the order requiring the insurer to take
				corrective actions will be provided to the insurer and to the administrative
				supervisor.
Statutory Authority:
					 RCW
					 48.02.060,
					 48.31.435,
					 48.31.400, and
					 48.31.900. 09-23-022 (Matter No. R
					 2008-15), §
											284-16-640, filed 11/9/09,
					 effective 12/10/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › ADMINISTRATIVE SUPERVISION OF INSURERS › Section 284-16-650 - Administrative supervisor duties

Current through Register Vol. 24-14, July 15, 2024
(1) To
				the extent possible and consistent with the list of requirements referenced in
				RCW
				 48.31.400(2)(b), the
				administrative supervisor will allow the insurer to continue its existing
				operations.
(2) The administrative
				supervisor will establish appropriate disbursement limits consistent with good
				internal control principles to facilitate prompt payment of claims and
				payables.
(3) Unless the processing
				of claims is an issue identified in the list of requirements referenced in
				RCW
				 48.31.400(2)(b), the
				administrative supervisor will allow claims to be processed in the ordinary
				course of business.
(4) The
				administrative supervisor will promptly acknowledge every insurer's request for
				approval of actions identified in the administrative supervision order or plan
				of correction that requires approval. To the extent feasible, the
				administrative supervisor will act on an insurer's requests within five
				business days after receipt.
Statutory Authority:
					 RCW
					 48.02.060,
					 48.31.435,
					 48.31.400, and
					 48.31.900. 09-23-022 (Matter No. R
					 2008-15), §
											284-16-650, filed 11/9/09,
					 effective 12/10/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › BUSINESS CONTINUITY PLANS › Section 284-16-700 - Definitions

Current through Register Vol. 24-14, July 15, 2024
For purposes of this regulation, the following definitions
				  apply:
(1) "Financially significant
				activities and applications" means computer software, including system programs
				and application programs, which are used to perform automated processing of a
				financially significant account balance or set of transactions. This includes
				financially significant e-business systems.
(2) "Regulatory reporting" includes filing of
				quarterly and annual statements, holding company filings, submission of
				financial payments for fees and taxes, rate and form filings and licensing
				appointments and renewals.
Statutory Authority:
					 RCW
					 48.02.060 and
					 48.07.205. 10-22-076 (Matter No. R
					 2010-04), §
											284-16-700, filed 11/1/10,
					 effective 1/1/11.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-16 - Insurers › BUSINESS CONTINUITY PLANS › Section 284-16-710 - Requirements for business continuity plan

Current through Register Vol. 24-14, July 15, 2024
(1) Each domestic insurer must create and
				maintain a written business continuity plan identifying procedures relating to
				a local, state or national emergency or significant business disruption. Such
				procedures must be reasonably designed to:
(a)
				Enable the insurer to meet its existing obligations to insurance beneficiaries,
				policyholders, claimants, subscribers;
(b) Address the insurer's existing
				relationships with affiliates, third-party service providers, the National
				Association of Insurance Commissioners and the office of insurance
				commissioner; and
(c) Be made
				available upon request to the office of insurance commissioner.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › Section 284-17-005 - Address of record

Current through Register Vol. 24-14, July 15, 2024
(1) The address
			 of record used by the commissioner will be:
(a) The last U.S. mailing address provided by
			 the person or business entity to the commissioner for all notices, orders, or
			 written communication, including any notification of investigation,
			 notification of audit and findings resulting from such audit, or written
			 communication pursuant to
			 RCW
			  48.17.475(2)(c)(ii).
(b) The last email address of record, listed
			 in the mailing address section of the commissioner's licensing database, may
			 only be used, if:
(i) The communication is not
			 required to be sent to the person's mailing address pursuant to
			 RCW
			  48.17.450(2) or
			 48.15.103(4);
(ii) The person has affirmatively consented
			 to receive communications from the commissioner by email; and
(iii) The email from the commissioner does
			 not require a response.
NOTE:
However, if a response is required by the commissioner,
						  then the email must comply with the requirements of
						  RCW
						   48.17.475 (2)(b) or
						  48.15.103 (8)(b),
						  whichever is applicable, before it is sent.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › Section 284-17-009 - Limited line credit insurance

Current through Register Vol. 24-14, July 15, 2024
Limited line credit insurance is defined at
				RCW
				 48.17.010(9).
(1) Insurers must ensure that their licensed
			 and appointed insurance producers who transact the limited line credit
			 insurance are qualified by education or experience to offer their credit
			 insurance products.
(2) The
			 requirements of this chapter for prelicensing and continuing insurance
			 education do not apply to insurance producers that transact only the limited
			 line credit insurance.
Statutory Authority:
				  RCW
				  48.02.060(3)(a) and
				  48.17.005. 11-19-040 (Matter No. R
				  2011-12), §
										284-17-009, filed 9/13/11,
				  effective 10/14/11. Statutory Authority:
				  RCW
				   48.02.060,
				  48.17.005. 09-02-073 (Matter No. R
				  2008-06), §
										284-17-009, filed 1/6/09,
				  effective 7/1/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › Section 284-17-011 - Limited line of travel insurance

Current through Register Vol. 24-14, July 15, 2024
(1) Travel insurance is a limited line of
			 authority. A person must not sell, solicit, or negotiate travel insurance in
			 this state unless that person is licensed as an insurance producer with the
			 travel limited line of authority or as set forth in subsection (2) of this
			 section.
(2) A business entity
			 acting as a travel insurance producer is required to:
(a) Be licensed as a producer with the travel
			 limited line of authority; and
(b)
			 Designate an individual licensed as a producer with the travel limited line of
			 authority to act as a designated licensed responsible person (DLRP) who is
			 responsible for the business entity's compliance with the laws of this
			 state.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › Section 284-17-015 - Variable life and variable annuity products-Standards for resident licenses

Current through Register Vol. 24-14, July 15, 2024
(1) Any producer
			 who desires to sell, solicit or negotiate variable life and variable annuity
			 products in this state must:
(a) Obtain a
			 securities salesperson license from the department of financial institutions
			 for a FINRA member broker-dealer; and
(b) If a resident of this state, obtain and
			 maintain an insurance producer license with the life line of authority and the
			 variable life and variable annuity line of authority; or
(c) If a nonresident of this state, obtain
			 and maintain a producer license with the life line of authority and the
			 variable life and variable annuity line of authority in their resident or home
			 state in order to be eligible to apply for and be issued a nonresident license
			 in this state.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › LICENSING PROCESSES › Section 284-17-035 - Specialty producer license - Portable electronics

Current through Register Vol. 24-14, July 15, 2024
Forms and instructions may be obtained from the licensing
				  section of the office of insurance commissioner.
To apply for a specialty producer license-Portable
				  electronics, the following items must be submitted to the licensing section of
				  the office of the insurance commissioner:
(1) An application signed by the applicant,
				or an officer of the applicant, including the following:
(a) Applicant's name;
(b) If an entity, the type of entity and the
				name of the supervising person, as defined in
				RCW
				 48.120.005(9);
(c) Address for its principal place of
				business;
(d) A copy of its
				articles of incorporation; and
(e)
				A certificate of good standing from the secretary of state.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › LICENSING PROCESSES › Section 284-17-046 - Specialty producer license - Portable electronics renewal process

Current through Register Vol. 24-14, July 15, 2024
(1) A renewal
				notice will be mailed to each licensed specialty producer in May for renewal by
				July 1st of each year.
(2) The
				completed renewal notice and two hundred fifty dollar renewal fee must be
				received by the office of the insurance commissioner by July 1st.
(3) If the completed renewal notice and the
				two hundred and fifty dollar fee is not received by the commissioner prior to
				July 1st, the applicant must pay, in addition to the renewal fee, a surcharge
				as follows:
(a) One to thirty days late, the
				surcharge is fifty percent of the renewal fee;
(b) Thirty-one to sixty days late, the
				surcharge is one hundred percent of the renewal fee;
(c) Sixty-one days after the expiration date
				of the license but prior to twelve months, the license must be reinstated and
				the applicant must pay the renewal fee plus a surcharge of two hundred percent
				of the renewal fee.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › LICENSING PROCESSES › Section 284-17-055 - Electronic submission of licensing processes - Implementation dates

Current through Register Vol. 24-14, July 15, 2024
(1) Beginning May
				1, 2011, all company appointments including new, renewal, and terminations must
				be submitted electronically.
(2)
				Beginning June 1, 2011, all license renewals, both individual and business
				entity, must be submitted electronically.
(3) Beginning July 1, 2011, all applications
				for licenses, including affiliations, must be submitted
				electronically.
(4) Beginning July
				1, 2011, all processes determined by the commissioner to be exclusive online
				licensing processes must be completed electronically through the commissioner's
				web site or through a third-party licensing provider. A list of exclusive
				online licensing processes is available on the commissioner's web site at:
www.insurance.wa.gov
.
(5) Beginning February 1, 2013, all
				fingerprints for a resident insurance license must be submitted electronically.
				A list of locations where electronic submission is available can be found on
				the commissioner's web site:
www.insurance.wa.gov
.
(6) The commissioner will no longer print or
				mail any document generated as part of a licensing process which the
				commissioner has determined to be an exclusive online licensing
				process.
Statutory Authority:
					 RCW
					 48.02.060 and
					 48.17.005. 12-22-020 (Matter No. R
					 2012-23), §
											284-17-055, filed 10/29/12,
					 effective 11/29/12. Statutory Authority:
					 RCW
					  48.15.015 and
					 48.17.005. 11-04-067 (Matter No. R
					 2010-07), §
											284-17-055, filed 1/28/11,
					 effective 2/28/11.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › LICENSING PROCESSES › Section 284-17-065 - Required e-mail address for licensing transactions

Current through Register Vol. 24-14, July 15, 2024
(1) Each applicant, individual or business
				entity licensee, insurance education provider, and insurer must provide the
				commissioner with a valid email address. The following do not need to comply
				with the provisions of
				RCW
				 48.17.450(3) and
				48.15.103(3)
				 (affirmative consent and require a response):
(a) Email communication sent to an applicant
				before the issuance of license; or
(b) Auto-generated email communication
				regarding license applications or license renewal processes.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › EXAMINATIONS › Section 284-17-120 - Resident insurance producer licensees - Examination required, procedures

Current through Register Vol. 24-14, July 15, 2024
Prior to the transaction of insurance, an applicant for a
				  resident insurance producer's license must take and pass the required
				  examination for each line of authority applied for, submit an application form
				  with the required attachments and fees, and receive a license from the
				  commissioner.
(1)
Examinations.
(a) Any resident
				person applying to take an examination for a license listed in this section
				must submit a registration form and the applicable examination fee to an
				independent testing service designated by the commissioner.
(i) The examination fee is not
				refundable.
(ii) Registration forms
				and information about examinations may be obtained from the commissioner or
				from the independent testing service under contract with the commissioner to
				conduct licensing examinations in this state.
(iii) An examination registration form can be
				downloaded through the commissioner's web site and current information about
				registered testing services, fees, dates, and other information is available
				through the commissioner's web site at
www.insurance.wa.gov
.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › EXAMINATIONS › Section 284-17-122 - Applications for nonresident insurance producer licenses

Current through Register Vol. 24-14, July 15, 2024
Applicants who are not residents of Washington may be
				  licensed as nonresident insurance producers without taking the required
				  Washington examinations specified in WAC
				  284-17-120(1)(b) if:
(1) The applicant has and maintains in good
				standing a similar license in his or her home state for the applicable line(s)
				of authority defined in
				RCW
				 48.17.170; and
(2) The home state reciprocates and licenses
				Washington's insurance producers as nonresident insurance producers.
Statutory Authority:
					 RCW
					 48.15.015 and
					 48.17.005. 11-04-067 (Matter No. R
					 2010-07), §
											284-17-122, filed 1/28/11,
					 effective 2/28/11. Statutory Authority:
					 RCW
					  48.02.060,
					 48.17.005. 09-02-073 (Matter No. R
					 2008-06), §
											284-17-122, filed 1/6/09,
					 effective 7/1/09. Statutory Authority:
					 RCW
					  48.02.060. 90-04-060 (Order R 90-1), §
											284-17-122, filed 2/2/90,
					 effective 3/5/90.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › EXAMINATIONS › Section 284-17-123 - Resident and nonresident adjuster licenses

Current through Register Vol. 24-14, July 15, 2024
(1) Applicants for a resident adjuster
				license may satisfy the experience or special training requirements of
				RCW
				 48.17.380(3)(d) by
				employment as a "trainee" for a minimum period of six months.
(a) Each trainee must be supervised by a
				resident licensed adjuster. Trainees must receive training in all adjustment
				activities and responsibilities. Activities of the trainee must be restricted
				to participation in factual investigation and tentative closing of losses. All
				adjusting transactions must be completed in the name of the supervising
				licensed adjuster who must review, confirm, and be responsible for all acts of
				the trainee. Compensation of a trainee must be on a salary basis
				only.
(b) Any person employing
				trainees must immediately advise the commissioner and provide the exact date
				that employment of the trainee begins and ends. The employer must submit an
				application completed by each trainee and one fingerprint card.
(c) Trainees are eligible to take the
				adjuster's examination required by the commissioner after completing a minimum
				period of six months as a trainee.
(d) The maximum period a person may be
				designated as a trainee is one nine-month period.
(e) Any violation of this section or a
				violation of any provision of the insurance code subjects both the trainee and
				the supervisory adjuster to penalties of the code.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › EXAMINATIONS › Section 284-17-124 - Examination for limited line surety and limited line credit insurance license required

Current through Register Vol. 24-14, July 15, 2024
Applicants for a limited line surety or limited line credit
				  insurance license must take and pass the appropriate license examination.
				  Information regarding the surety and credit insurance license examinations is
				  available on the insurance commissioner's web site at
www.insurance.wa.gov
.
Statutory Authority:
					 RCW
					 48.02.060,
					 48.17.005. 09-02-073 (Matter No. R
					 2008-06), §
											284-17-124, filed 1/6/09,
					 effective 7/1/09.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › EXAMINATIONS › Section 284-17-125 - Prohibited acts or practices by license examinees

Current through Register Vol. 24-14, July 15, 2024
In addition to the unlawful acts set forth in
				  RCW
				   48.17.125, the following are prohibited acts
				  or practices by persons taking examinations for licenses:
(1) Behavior that undermines the evaluative
				objective of the examination;
(2)
				Communication with any other examinee during the examination period;
(3) Copying answers or allowing another to
				copy answers;
(4) Possessing during
				the examination any books, materials, notes, or photography or recording
				devices not issued or approved by the independent testing service
				representative; or
(5)
				Impersonating, or engaging another to impersonate, any applicant for the
				purpose of completing the examination on behalf of another.
Statutory Authority:
					 RCW
					 48.02.060,
					 48.17.005. 09-02-073 (Matter No. R
					 2008-06), §
											284-17-125, filed 1/6/09,
					 effective 7/1/09. Statutory Authority:
					 RCW
					 48.02.060. 88-23-063 (Order R 88-11), §
											284-17-125, filed
					 11/16/88.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › EXAMINATIONS › Section 284-17-126 - Candidate information bulletin

Current through Register Vol. 24-14, July 15, 2024
The exam content outlines are described in the candidate
				  information bulletin. The candidate information bulletin is incorporated by
				  reference and its entire contents will be enforced by the commissioner. A copy
				  of the current candidate information bulletin is available through the
				  commissioner's website at
www.insurance.wa.gov
.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › EXAMINATIONS › Section 284-17-130 - Admittance to examination

Current through Register Vol. 24-14, July 15, 2024
As a prerequisite to admittance to any examination designed
				  to test the applicant's qualifications to be an insurance licensee, each
				  applicant must certify on the form provided, that he or she:
(1) Is not taking the examination for
				purposes other than as the means to qualify for a license;
(2) Has not passed the examination for that
				line of authority within the last twelve months;
(3) Has been advised that the performance of
				any of the acts prohibited by WAC
				284-17-125 is a violation of
				RCW
				 48.17.530 and subjects the person to
				disciplinary action, including refusal to issue a license, revocation of any
				license issued by the commissioner that is currently held by the licensee, and
				the imposition of a fine; and
(4)
				Has been advised that the unauthorized appropriation or conversion of questions
				or materials comprising the examination for a Washington state insurance
				license is a violation of federal copyright law.
Statutory Authority:
					 RCW
					 48.02.060,
					 48.17.005. 09-02-073 (Matter No. R
					 2008-06), §
											284-17-130, filed 1/6/09,
					 effective 7/1/09. Statutory Authority:
					 RCW
					 48.02.060. 88-23-063 (Order R 88-11), §
											284-17-130, filed
					 11/16/88.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › EXAMINATIONS › Section 284-17-175 - Education referrals

Current through Register Vol. 24-14, July 15, 2024
No person may accept any rebate, refund, fee, commission, or
				  discount in connection with referrals of students to a continuing insurance
				  education provider without making a full disclosure to each student so
				  referred.
Statutory Authority:
					 RCW
					  48.02.060,
					 48.17.005. 09-02-073 (Matter No. R
					 2008-06), §
											284-17-175, filed 1/6/09,
					 effective 7/1/09. Statutory Authority:
					 RCW
					  48.02.060 and 48.17.070. 89-01-055 (Order R
					 88-14), §
											284-17-175, filed
					 12/16/88.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › INSURANCE CONTINUING EDUCATION › Section 284-17-200 - Insurance continuing education-Purpose

Current through Register Vol. 24-14, July 15, 2024
WAC 284-17-200 through
				  284-17-312
				  establish the minimum continuing education requirements that must be met prior
				  to the renewal of an insurance producer or adjuster license, and specify the
				  minimum criteria that continuing education courses must meet to be approved by
				  the commissioner.
Statutory Authority:
					 RCW
					  48.02.060,
					 48.17.005. 09-02-073 (Matter No. R
					 2008-06), §
											284-17-200, filed 1/6/09,
					 effective 7/1/09. Statutory Authority:
					 RCW
					  48.02.060,
					 48.17.150,
					 48.17.563,
					 48.85.040. 05-07-091 (Matter No. R
					 2004-04), §
											284-17-200, filed 3/17/05,
					 effective 4/17/05. Statutory Authority:
					 RCW
					  48.02.060. 89-19-037 (Order R 89-10), §
											284-17-200, filed 9/15/89,
					 effective 10/16/89. Statutory Authority:
					 RCW
					  48.17.150 as amended by 1979 ex.s. c 269
					 §§ 7,10. 80-04-042 (Order R 80-3), §
											284-17-200, filed
					 3/20/80.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-17 - Licensing requirements and procedures › INSURANCE CONTINUING EDUCATION › Section 284-17-210 - Definitions

Current through Register Vol. 24-14, July 15, 2024
The following definitions apply to WAC
				  284-17-200 through
				  284-17-312, unless the context
				  clearly requires otherwise:
(1)"Approved course" means an insurance
				continuing education course formally approved by the commissioner.
(2) "Attendance register" is a record used to
				document attendance.
(a)For a classroom
				course, this includes each attendee's arrival time, departure time, and
				signature.
(b) For a webinar
				course, this includes the time the attendee starts the class, the attendee's
				participation activity, and the time the attendee exits the class.