reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-270 - What does an insuring entity report when the damages exceed policy limits?

Current through Register Vol. 24-14, July 15, 2024
When damages exceed the policy limits, the insuring entity must
				report the total amount it paid on behalf of its insured. The reporting entity
				must report:
(1) The actual claim
			 payment, which may be either:
(a) The policy
			 limit; or
(b) The actual amount
			 paid on behalf of the insured. The actual amount paid by the insuring entity
			 may be either higher or lower than the policy limit, depending on the
			 settlement agreement.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-280 - Are subrogation recoveries subject to reporting?

Current through Register Vol. 24-14, July 15, 2024
Subrogation between insuring entities or self-insurers may
				occur if there is a dispute over which entity should respond to a lawsuit. If
				an insuring entity or self-insurer receives a subrogation payment, it must
				report subrogation proceeds and any ALAE incurred to obtain those proceeds. If
				necessary, the insuring entity may reopen the claim under WAC
				284-24D-100.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24D-280, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-290 - How are structured settlements reported?

Current through Register Vol. 24-14, July 15, 2024
(1) If a claim is paid with a structured
			 settlement agreement, the reporting entity must report the lump-sum payment for
			 the purchase of the annuity.
(2) If
			 a claim is paid with a combination of a lump-sum payment to the claimant and a
			 structured settlement, the reporting entity must report the sum of both
			 payments.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24D-290, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-300 - If the court itemizes damages, what information must be reported?

Current through Register Vol. 24-14, July 15, 2024
If the court itemizes damages, the reporting entity must report
				these itemized damages:
(1) The total
			 amount of the verdict, judgment, or settlement;
(2) The gross amount paid to indemnify the
			 claimant;
(3) Itemized economic and
			 noneconomic damages as allocated by the court; and
(4) Allocated loss adjustment expenses paid
			 by the insuring entities and the insured.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24D-300, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-310 - What information must be reported if the court does not itemize damages or a claim is settled by the parties?

Current through Register Vol. 24-14, July 15, 2024
When reporting claims under
				RCW
				 48.140.030(10)(b), the
				reporting entity must report losses on a gross basis, including:
(1) The total amount of the verdict,
			 judgment, or settlement;
(2) The
			 gross amount paid to indemnify the claimant;
(3) Paid and estimated economic damages;
			 and
(4) Allocated loss adjustment
			 expenses paid by the insuring entities and the insured.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24D-310, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-320 - How should "companion claims" be reported?

Current through Register Vol. 24-14, July 15, 2024
If more than one claim is filed with a reporting entity due to
				an incident of medical malpractice, the reporting entity must report companion
				claims in this manner:
(1) If a
			 claimant makes a claim against more than one facility or provider, the
			 reporting entity must assign the same incident identifier to each "companion
			 claim."
(2) The reporting entity
			 must maintain all data required under chapter 48.140 RCW and this chapter for
			 each facility or provider it defends.
(3) Indemnity payments and allocated loss
			 adjustment expenses paid to defend and settle each claim must be reported
			 separately for each facility or provider. The reporting entity must allocate:
(a) Indemnity payments between defendants
			 based on an assessment of comparative fault; and
(b) ALAE payments between defendants based on
			 which defendant benefited from the defense services.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-330 - How much detail is required when reporting allocated loss adjustment expenses?

Current through Register Vol. 24-14, July 15, 2024
When reporting allocated loss adjustment expenses under
				RCW
				 48.140.030(10)(a)(v) or
				(b)(iv), the reporting entity must
				report:
(1) ALAE for defense counsel,
			 including both in-house and outside counsel;
(2) ALAE for expert witnesses, including both
			 in-house and outside experts;
(3)
			 All other ALAE; and
(4) Total
			 ALAE.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24D-330, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-340 - If defense services are provided by company employees, must company overhead be reported with ALAE?

Current through Register Vol. 24-14, July 15, 2024
(1) Some
			 insuring entities and self-insurers use the services of internal staff to
			 defend claims. For example, an insuring entity or self-insurer may:
(a) Ask its professional medical staff to:
(i) Evaluate medical care;
(ii) Review medical records; or
(iii) Assist in case preparation.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-350 - How are economic damages allocated under RCW 48.140.030 (10)(b)(iii)?

Current through Register Vol. 24-14, July 15, 2024
If the reporting entity makes indemnity payments to a claimant,
				the reporting entity must allocate economic damages based on documented
				evidence obtained during the claim resolution process. Reporting entities may
				not allocate using a fixed formula, such as fifty percent of total paid
				indemnity, to economic damages.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24D-350, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-360 - What elements of economic loss must a reporting entity include when reporting economic damages?

Current through Register Vol. 24-14, July 15, 2024
When reporting paid and estimated economic damages, reporting
				entities must use reasonable judgment to estimate the following elements of
				loss:
(1) Medical expenses;
(2) Loss of earnings;
(3) Burial costs;
(4) Cost of obtaining substitute domestic
			 services;
(5) Loss of employment;
			 and
(6) Loss of business or
			 employment opportunities.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24D-360, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-362 - What process must a person use to estimate economic damages?

Current through Register Vol. 24-14, July 15, 2024
If a reporting entity makes indemnity payments to a claimant
				that include compensation for future economic damages, the person calculating
				damages must use the principles listed in this section.
(1) Where appropriate, the person estimating
			 economic damages must:
(a) Project the
			 elements of loss listed in WAC
			 284-24D-360:
(i) For the duration of the injury or
			 disability; or
(ii) In the event of
			 death, for the anticipated life span of the injured person; and
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-364 - What sources of information can a reporting entity use to estimate economic damages?

Current through Register Vol. 24-14, July 15, 2024
When estimating economic damages, the person estimating damages
				may use data from public sources, such as the Bureau of Labor Statistics, to
				supplement data collected during the claim investigation.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24D-364, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-366 - Will the OIC provide guidelines or tools which reporting entities can use when estimating economic damages?

Current through Register Vol. 24-14, July 15, 2024
From time to time, the OIC may publish information or
				suggestions that reporting entities can use when estimating economic damages.
				Periodically, the OIC will update its internet site to include links to
				documents or information of interest to reporting entities.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24D-366, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24D - Medical malpractice closed claim data reporting rules for facilities and providers › Section 284-24D-370 - How are paid and estimated economic damages reported under RCW 48.140.040 (10)(b)(iii)?

Current through Register Vol. 24-14, July 15, 2024
A reporting entity must:
(1) Combine all elements of paid and
			 estimated economic loss described in WAC
			 284-24D-360; and
(2) Report one figure for paid and estimated
			 economic loss to the commissioner.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24D-370, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-010 - Purpose

Current through Register Vol. 24-14, July 15, 2024
This chapter contains procedural rules to implement
				RCW
				 7.70.140. This chapter describes the rules,
				practices and procedures that claimants and their attorneys must use to report
				claim settlement data to the commissioner.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-010, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-020 - Definitions

Current through Register Vol. 24-14, July 15, 2024
The definitions in this section apply throughout this
				chapter.
(1) "Claim" means the same as
			 in RCW
			  48.140.010(1).
(2) "Claimant" means the same as in
			 RCW
			  48.140.010(2), and, for
			 reporting purposes, includes a claimant's legal representative.
(3) "Commissioner" means the insurance
			 commissioner.
(4) "Facility" means
			 the same as in
			 RCW
			  48.140.010(6).
(5) "Insuring entity" means the same as in
			 RCW
			  48.140.010(8).
(6) "Medical malpractice" means the same as
			 in RCW
			  48.140.010(9).
(7) "OIC" means office of insurance
			 commissioner.
(8) "Provider" means
			 the same as in
			 RCW
			  48.140.010(7).
(9) "Record identifier" means the number
			 assigned to a claim by the reporting site when a person first enters claim
			 settlement information.
(10)
			 "Reporting site" means the OIC web-based application that attorneys and
			 claimants must use to report medical malpractice claim settlement
			 data.
(11) "Self-insurer" means the
			 same as in
			 RCW
			  48.140.010(11).
(12) "User ID" is a permanent number assigned
			 by the reporting site to any claimant or attorney who reports claim settlement
			 data.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-020, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-030 - How will the commissioner ensure data confidentiality under RCW 48.140.060(2)?

Current through Register Vol. 24-14, July 15, 2024
RCW  42.56.400(11) protects data filed under
				RCW
				 7.70.140 from public disclosure. To ensure
				data confidentiality, the commissioner will:
(1) Develop a secure web-based data reporting
			 application;
(2) Train OIC staff on
			 applicable laws and agency practices related to protecting confidential and
			 privileged information;
(3) Limit
			 access to the claim data base to OIC staff responsible for preparing the
			 statistical summaries and annual report;
(4) Develop and implement confidentiality
			 procedures to be used by staff that has access to the closed claim data
			 base;
(5) Develop procedures to use
			 if data are accidentally released; and
(6) Use aggregate data in summaries and
			 reports so that individual claim data cannot be identified.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-030, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-040 - How is claim settlement data reported to the commissioner?

Current through Register Vol. 24-14, July 15, 2024
Persons reporting claim settlement data must use the reporting
				site maintained by the commissioner. To help attorneys and claimants collect
				data, the commissioner will post a reporting form on the OIC internet site so
				that claim settlement data can be organized before it is entered into the
				reporting site.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-040, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-050 - How will the OIC assign user ID codes?

Current through Register Vol. 24-14, July 15, 2024
The reporting site will assign a permanent user ID to an
				attorney or claimant the first time the attorney or claimant enters claim
				settlement data into the reporting site.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-050, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-060 - What types of settled claims must be reported to the commissioner?

Current through Register Vol. 24-14, July 15, 2024
If a medical malpractice claim is actionable under
				chapter
				7.70 RCW and the claimant
				receives an indemnity payment from an insuring entity, self-insurer, facility
				or provider, the claimant or his or her attorney must report claim settlement
				data to the commissioner.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-060, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-063 - When is a claim considered settled and subject to reporting with the OIC?

Current through Register Vol. 24-14, July 15, 2024
A claim is settled when the claimant:
(1) Receives final indemnity payment(s) from
			 all defendants;
(2) Pays all
			 related legal expenses; and
(3)
			 Pays all related attorney fees agreed to by the claimant and his or her
			 attorney.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-063, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-070 - Are write-offs or other small sums of money provided as customer service gestures considered claims?

Current through Register Vol. 24-14, July 15, 2024
If a self-insurer, facility or provider waives copayments,
				forgives bills or deductibles, or makes other similar accommodations to a
				client, it is not a claim under
				RCW
				 48.140.010(1). Claimants are
				not required to report these types of accommodations to the
				commissioner.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-070, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-080 - Who has the primary responsibility for reporting claim settlement data to the commissioner?

Current through Register Vol. 24-14, July 15, 2024
(1) If a
			 claimant is represented by an attorney, the attorney must report claim
			 settlement data to the commissioner after the claim is settled.
(2) If a claimant is not represented by an
			 attorney:
(a) The claimant must report claim
			 settlement data to the commissioner; and
(b) An insuring entity, self-insurer or
			 provider may assist or inform the claimant of his or her reporting
			 responsibilities.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-090 - When are claim reports due?

Current through Register Vol. 24-14, July 15, 2024
Under
				RCW
				 7.70.140, a claimant or his or her attorney
				must report claims settled in the preceding calendar year to the
				commissioner.
(1) Beginning in 2009,
			 claim settlement reports for the prior calendar year are due by March
			 1.
(2) An attorney or claimant may
			 enter data into the reporting site at any time after the claim is settled, but
			 no later than March 1.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-090, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-100 - Can settlement reports be reopened to make changes or corrections to previously reported data?

Current through Register Vol. 24-14, July 15, 2024
The reporting site will allow an attorney or claimant to change
				previously reported claim settlement data, subject to these rules:
(1) OIC will freeze data contained in the
			 reporting site from March 15 through June 30 each year so the OIC can prepare
			 reports and statistical summaries can be prepared as required by
			 RCW
			  48.140.040 and
			 48.140.050. The commissioner may
			 accept changes to previously reported data if a correction or omission will
			 significantly affect the conclusions stated in the annual report.
(2) After June 30, the reporting site will
			 allow an attorney or claimant to change previously reported data.
(a) An attorney or claimant can reopen a
			 claim report using their permanent user ID and the record identifier and make
			 changes or corrections to data.
(b)
			 Changes and corrections submitted after June 30 of each year will appear in
			 future reports and statistical summaries.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-110 - How should claim disposition information be reported?

Current through Register Vol. 24-14, July 15, 2024
When reporting the final method of claim disposition under
				RCW
				 7.70.140(2)(b)(v), an
				attorney or claimant must describe the method of claim disposition using one of
				the descriptions listed below:
(1)
			 Claim is settled by the parties.
(2) Claim is disposed of by a court when the
			 court issues a:
(a) Directed verdict for
			 plaintiff;
(b) Judgment
			 notwithstanding verdict for defendant (judgment for plaintiff);
(c) Judgment for plaintiff; or
(d) Judgment for plaintiff after
			 appeal.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-120 - How should information about the timing of the settlement be reported?

Current through Register Vol. 24-14, July 15, 2024
Persons reporting claims must report whether the claim is
				settled:
(1) Before trial, arbitration
			 or mediation;
(2) During trial,
			 arbitration or mediation;
(3) After
			 trial or hearing, but before judgment or award;
(4) After judgment or decision, but before
			 appeal;
(5) During an appeal;
			 or
(6) After an appeal.
Statutory Authority:
				  RCW
				  48.02.060 and
				  48.140.060. 08-03-128 (Matter No.
				  R 2007-12), §
										284-24E-120, filed 1/23/08,
				  effective 2/23/08. Statutory Authority:
				  RCW
				   48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-120, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-130 - How is the judgment or settlement amount reported?

Current through Register Vol. 24-14, July 15, 2024
Persons reporting claims must report the total amount paid by
				all defendants to the claimant to settle the claim.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-130, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-140 - How are structured settlements reported?

Current through Register Vol. 24-14, July 15, 2024
(1) If a claim is settled with a structured
			 settlement agreement, the attorney or claimant must report the lump-sum payment
			 that is paid for the annuity.
(2)
			 If a claim is settled with a combination of a lump-sum payment to the claimant
			 and a structured settlement, the attorney or claimant must report the sum of
			 both payments.
Statutory Authority:
				  RCW
				  48.02.060,
				  48.140.060, and
				  7.70.140. 07-12-057 (Matter No. R
				  2006-02), §
										284-24E-140, filed 6/4/07,
				  effective 7/22/07.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-24E - Medical malpractice claim settlement data reporting rules for attorneys and claimants › Section 284-24E-150 - How should claims settlement data be reported if there is more than one defendant?

Current through Register Vol. 24-14, July 15, 2024
An attorney or claimant must wait until all claims are settled
				before reporting under
				RCW
				 7.70.140. After all claims are settled, the
				person reporting claim settlement data must report these data to the
				commissioner:
(1) The total of all
			 settlements paid by all defendants; and
(2) The total amounts paid by the claimant
			 for legal expenses, itemized by:
(a) Court
			 costs;
(b) Expert witnesses fees;
			 and
(c) Attorney fees and
			 expenses.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-010 - Definition of certain terms

Current through Register Vol. 24-14, July 15, 2024
(1)
			 "Insurer" means any domestic stock insurance company with an equity security
			 subject to the provisions of sections 6 through 13, chapter 70, Laws of 1965
			 ex. sess., codified as
			 RCW
			  48.08.100 through
			 48.08.170, and not exempt
			 thereunder.
(2) "Act" means
			 sections 6 through 13, chapter 70, Laws of 1965 ex. sess., codified as
			 RCW
			  48.08.100 through
			 48.08.170.
(3) "Officer" means a president,
			 vice-president, treasurer, actuary, secretary, controller and any other person
			 who performs for the insurer functions corresponding to those performed by the
			 foregoing officers.
(4) "Equity
			 security" means any stock or similar security; or any voting trust certificate
			 or certificate of deposit for such a security; or any security convertible,
			 with or without consideration, into such a security, or carrying any warrant or
			 right to subscribe to or purchase such a security; or any such warrant or
			 right.
(5) Securities "held of
			 record."
(a) For the purpose of determining
			 whether the equity securities of an insurer are held of record by one hundred
			 or more persons, securities shall be deemed to be "held of record" by each
			 person who is identified as the owner of such securities on records of security
			 holders maintained by or on behalf of the insurer, subject to the following:
(i) In any case where the records of security
			 holders have not been maintained in accordance with accepted practice, any
			 additional person who would be identified as such an owner on such records if
			 they had been maintained in accordance with accepted practice shall be included
			 as a holder of record.
(ii)
			 Securities identified as held of record by a corporation, a partnership, a
			 trust whether or not the trustees are named, or other organization shall be
			 included as so held by one person.
(iii) Securities identified as held of record
			 by one or more persons as trustees, executors, guardians, custodians or in
			 other fiduciary capacities with respect to a single trust, estate or account
			 shall be included as held of record by one person.
(iv) Securities held by two or more persons
			 as co-owners shall be included as held by one person.
(v) Each outstanding unregistered or bearer
			 certificate shall be included as held of record by a separate person, except to
			 the extent that the insurer can establish that, if such securities were
			 registered, they would be held of record, under the provisions of this rule, by
			 a lesser number of persons.
(vi)
			 Securities registered in substantially similar names where the insurer has
			 reason to believe because of the address or other indications that such names
			 represent the same person, may be included as held of record by one
			 person.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-020 - Transactions exempted from the operation of RCW 48.08.120

Current through Register Vol. 24-14, July 15, 2024
Any acquisition or disposition of any equity security by a
				director or officer of an insurer within six months prior to the date on which
				the act shall first become applicable with respect to the equity securities of
				such insurer shall not be subject to the operation of
				RCW
				 48.08.120.
Order R-69-3, §
										284-26-020, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-030 - Filing of statements

Current through Register Vol. 24-14, July 15, 2024
Initial statements of beneficial ownership of equity securities
				required by
				RCW
				 48.08.110 shall be filed on Form S, to be
				obtained from the commissioner. Statements of changes in such beneficial
				ownership required by
				RCW
				 48.08.110 shall be filed on Form 4, to be
				obtained from the commissioner. All such statements shall be prepared and filed
				in accordance with the requirements of the applicable form.
Order R-69-3, §
										284-26-030, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-040 - Ownership of more than ten percent of an equity security

Current through Register Vol. 24-14, July 15, 2024
In determining for the purpose of
				RCW
				 48.08.110 whether a person is the beneficial
				owner, directly or indirectly, of more than ten percent of any class of equity
				securities, such person shall be deemed to be the beneficial owner of
				securities of such class which such person has the right to acquire through the
				exercise of presently exercisable options, warrants or rights or through the
				conversion of presently convertible securities. The securities subject to such
				options, warrants, rights or conversion privileges held by a person shall be
				deemed to be outstanding for the purpose of computing, in accordance with WAC
				284-26-030, the percentage of
				outstanding securities of the class owned by such person but shall not be
				deemed outstanding for the purpose of computing the percentage of the class
				owned by any other person. This paragraph shall not be construed to relieve any
				person of any duty to comply with
				RCW
				 48.08.110 with respect to any equity
				securities consisting of options, warrants, rights or convertible securities
				which are otherwise subject as a class to that section of the
				act.
Order R-69-3, §
										284-26-040, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-050 - Disclaimer of beneficial ownership

Current through Register Vol. 24-14, July 15, 2024
Any person filing a statement may expressly declare therein
				that the filing of such statement shall not be construed as an admission that
				such person is, for the purpose of the act, the beneficial owner of any equity
				securities covered by the statement.
Order R-69-3, §
										284-26-050, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-060 - Exemptions from RCW 48.08.110 and 48.08.120

Current through Register Vol. 24-14, July 15, 2024
(1) During the period of twelve months
			 following their appointment and qualification, securities held by the following
			 persons shall be exempt from
			 RCW
			  48.08.110 and
			 48.08.120:
(a) Executors or administrators of the estate
			 of a decedent;
(b) Guardians or
			 committees for an incompetent; and
(c) Receivers, trustees in bankruptcy,
			 assignees for the benefit of creditors, conservators, liquidating agents, and
			 other similar persons duly authorized by law to administer the estate or assets
			 of other persons.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-070 - Exemption from the act of securities purchased or sold by odd-lot dealers

Current through Register Vol. 24-14, July 15, 2024
Securities purchased or sold by an odd-lot dealer (1) in odd
				lots so far as reasonably necessary to carry on odd-lot transactions or (2) in
				round lots to offset odd-lot transactions previously or simultaneously executed
				or reasonably anticipated in the usual course of business, shall be exempt from
				the provisions of the act with respect to participation by such odd-lot dealer
				in such transactions.
Order R-69-3, §
										284-26-070, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-080 - Certain transactions subject to RCW 48.08.110

Current through Register Vol. 24-14, July 15, 2024
The acquisition or disposition of any transferable option, put,
				call, spread or straddle shall be deemed such a change in the beneficial
				ownership of the security to which such privilege relates as to require the
				filing of a statement reflecting the acquisition or disposition of such
				privilege. Nothing in this section, however, shall exempt any person from
				filing the statements required upon the exercise of such option, put, call,
				spread or straddle.
Order R-69-3, §
										284-26-080, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-090 - Ownership of securities held in trust

Current through Register Vol. 24-14, July 15, 2024
(1) Beneficial ownership of a security for
			 the purpose of
			 RCW
			  48.08.110 shall include:
(a) The ownership of securities as a trustee
			 where either the trustee or members of his immediate family have a vested
			 interest in the income or corpus of the trust,
(b) The ownership of a vested beneficial
			 interest in a trust, and
(c) The
			 ownership of securities as a settlor of a trust in which the settlor has the
			 power to revoke the trust without obtaining the consent of all the
			 beneficiaries.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-100 - Exemption for small transactions

Current through Register Vol. 24-14, July 15, 2024
(1) Any acquisition of securities shall be
			 exempt from
			 RCW
			  48.08.110 where:
(a) The person effecting the acquisition does
			 not within six months thereafter effect any disposition, otherwise than by way
			 of gift, or securities of the same class, and
(b) The person effecting such acquisition
			 does not participate in acquisitions or in dispositions of securities of the
			 same class having a total market value in excess of $3,000 for any six months'
			 period during which the acquisition occurs.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-110 - Exemption from RCW 48.08.120 of transactions which need not be reported under RCW 48.08.110

Current through Register Vol. 24-14, July 15, 2024
Any transaction which has been or shall be exempted from the
				requirements of
				RCW
				 48.08.110 of the act shall, insofar as it is
				otherwise subject to the provisions of
				RCW
				 48.08.120 be likewise exempted from
				RCW
				 48.08.120.
Order R-69-3, §
										284-26-110, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-120 - Exemption from RCW 48.08.120 of certain transactions effected in connection with a distribution

Current through Register Vol. 24-14, July 15, 2024
(1) Any
			 transaction of purchase and sale, or sale and purchase, of a security which is
			 effected in connection with the distribution of a substantial block of
			 securities shall be exempt from the provisions of
			 RCW
			  48.08.120, to the extent specified in this
			 section as not comprehended within the purpose of
			 RCW
			  48.08.120, upon the following conditions:
(a) The person effecting the transaction is
			 engaged in the business of distributing securities and is participating in good
			 faith, in the ordinary course of such business, in the distribution of such
			 block of securities;
(b) The
			 security involved in the transaction is (i) a part of such block of securities
			 and is acquired by the person effecting the transaction, with a view to the
			 distribution thereof, from the insurer or other person on whose behalf such
			 securities are being distributed or from a person who is participating in good
			 faith in the distribution of such block of securities or (ii) a security
			 purchased in good faith by or for the account of the person effecting the
			 transaction for the purpose of stabilizing the market price of securities of
			 the class being distributed or to cover an over-allotment or other short
			 position created in connection with such distribution; and
(c) Other persons not within the purview of
			 RCW
			  48.08.120 are participating in the
			 distribution of such block of securities on terms at least as favorable as
			 those on which such person is participating and to an extent as least equal to
			 the aggregate participation of all persons exempted from the provisions of
			 RCW
			  48.08.120 by this section. However, the
			 performance of the functions of manager of a distributing group and the receipt
			 of a bona fide payment for performing such functions shall not preclude an
			 exemption which would otherwise be available under this section.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-140 - Exemption from RCW 48.08.120 of certain transactions in which securities are received by redeeming other securities

Current through Register Vol. 24-14, July 15, 2024
Any acquisition of an equity security (other that [than] a
				convertible security or right to purchase a security) by a director or officer
				of the insurer issuing such security shall be exempt from the operation of
				RCW
				 48.08.120 upon condition that:
(1) The equity security is acquired by way of
			 redemption of another security of an insurer substantially all of whose assets
			 other than cash (or government bonds) consist of securities of the insurer
			 issuing the equity security so acquired, and which
(a) Represented substantially and in
			 practical effect a stated or readily ascertainable amount of such equity
			 security,
(b) Had a value which was
			 substantially determined by the value of such equity security, and
(c) Conferred upon the holder the right to
			 receive such equity security without the payment of any consideration other
			 than the security redeemed;
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-150 - Exemption of long-term profits incident to sales within six months of the exercise of an option

Current through Register Vol. 24-14, July 15, 2024
(1) To the extent specified in subsection (2) of this section, the commissioner hereby exempts as not comprehended within the purposes of RCW  48.08.120 any transaction or transactions involving the purchase and sale, or sale and purchase, of any equity security where such purchase is pursuant to the exercise of an option or similar right either (a) acquired more than six months before its exercise, or (b) acquired pursuant to the terms of an employment contract entered into more than six months before its exercise.
(2) In respect of transactions specified in subsection (1) the profits inuring to the insurer shall not exceed the difference between the proceeds of sale and the lowest market price of any security of the same class within six months before or after the date of sale. Nothing in this section shall be deemed to enlarge the amount of profit which would inure to such insurer in the absence of this section.
(3) The commissioner also hereby exempts, as not comprehended within the purposes of RCW  48.08.120 the disposition of a security, purchased in a transaction specified in subsection (1) of this section, pursuant to a plan or agreement for merger or consolidation, or reclassification of the insurer's securities, or for the exchange of its securities for the securities of another person which has acquired its assets, or which is in control, as defined in section  368(c) of the Internal Revenue Code of 1954, of a person which has acquired its assets, where the terms of such plan or agreement are binding upon all stockholders of the insurer except to the extent that dissenting stockholders may be entitled, under statutory provisions or provisions contained in the certificate of incorporation, to receive the appraised or fair value of their holdings.
(4) The exemptions proved by this section shall not apply to any transaction made unlawful by RCW  48.08.130 or by any rules and regulations thereunder.
(5) The burden of establishing market price of a security for the purpose of this section shall rest upon the person claiming the exemption.
Order R-69-3, §
										284-26-150, filed
				  2/7/69.
Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-26 - Insider trading of equity securities of a domestic stock insurance company › Section 284-26-160 - Exemption from RCW 48.08.120 of certain acquisitions and dispositions of securities pursuant to merger or consolidations

Current through Register Vol. 24-14, July 15, 2024
(1) The following transactions shall be
			 exempt from the provisions of
			 RCW
			  48.08.120 as not comprehended within the
			 purpose of said section:
(a) The acquisition
			 of a security of an insurer, pursuant to a merger or consolidation, in exchange
			 for a security of a company which, prior to said merger or consolidation, owned
			 85 percent or more of the equity securities of all other companies involved in
			 the merger or consolidation except, in the case of consolidation, the resulting
			 company;
(b) The disposition of a
			 security, pursuant to a merger or consolidation of an insurer which, prior to
			 said merger or consolidation, owned 85 percent or more of the equity securities
			 of all other companies involved in the merger or consolidation except, in the
			 case of consolidation, the resulting company;
(c) The acquisition of a security of an
			 insurer, pursuant to a merger or consolidation, in exchange for a security of a
			 company which, prior to said merger or consolidation, held over 85 percent of
			 the combined assets of all the companies undergoing merger or consolidation,
			 computed according to their book values prior to the merger or consolidation as
			 determined by reference to their most recent available financial statements for
			 a twelve-month period prior to the merger or consolidation;
(d) The disposition of a security, pursuant
			 to a merger or consolidation, of an insurer which, prior to said merger or
			 consolidation, held over 85 percent of the combined assets of all the companies
			 undergoing merger or consolidation, computed according to their book values
			 prior to merger or consolidation, as determined by reference to their most
			 recent available financial statements for a twelve-month period prior to the
			 merger or consolidation.