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Washington Insurance Examining Bureau, Inc.—Audits to test adherence to rate filings.
(1) In performing the duty of determining that lawful premiums are being charged, the commissioner finds that it is not reasonable or necessary, with regard to any kind of insurance, to mandate that data relating to all policies issued be submitted for examination. The commissioner finds, however, as to all kinds of insurance falling within the scope of chapter 48.19
RCW, that occasions may arise where documents with respect to certain policies should be submitted for examination in order to determine that lawful rates are being charged. The required submission should be on a random audit basis or by designation of certain specific policies.
(2) Based on the preceding subsection and under RCW 48.19.410
every insurer authorized to write property or casualty insurance in the state of Washington:
(a) May submit to the Washington Insurance Examining Bureau, Inc., for examination, the following information that relates to property insurance as defined in RCW 48.11.040
(i) Any policies and the related daily reports;
(iii) Renewal certificates;
(iv) Endorsements; and
(v) Other evidences of insurance or the cancellation of insurance.
(b) Shall make available to the bureau, the information listed in (a)(i) through (v) of this subsection:
(i) When directed to do so by the commissioner regarding a specifically identified policy; and
(ii) As may be required by the commissioner for purposes of random audits designed to test the companies' adherence to rate filings.