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Chapter 284-23 WAC

Last Update: 10/22/14

WASHINGTON LIFE INSURANCE REGULATIONS

WAC Sections

ADVERTISING REGULATION
Title and purpose.
Definitions.
Applicability.
Form and content of advertisements.
Disclosure requirements.
Identity of insurer.
Solicitation beyond license limits and status of insurer.
Statements about the insurer.
Advertising file to be maintained.
Conflict with other rules.
Violation defined as unfair practice.
LIFE INSURANCE DISCLOSURE
Purpose.
Scope.
Definitions.
Duties of insurers.
Special plans and solicitation by direct response.
General rules.
Failure to comply.
ANNUITY AND DEPOSIT FUND
DISCLOSURE REGULATION
Background.
Purpose.
Scope.
Contract summary, contents.
Contract summary, requirements.
Disclosure requirements.
General rules.
Failure to comply.
SUITABILITY IN ANNUITY TRANSACTIONS
Duties of insurers and insurance producers.
REPLACEMENT REGULATION
Purpose.
Definition of replacement.
Other definitions.
Exemptions.
Duties of insurance producers.
Duties of all insurers.
Duties of insurers that use insurance producers.
Duties of insurers with respect to direct-response sales.
Penalties.
Form to be used for notice regarding replacement.
MISCELLANEOUS RULES
Relationship of death benefits to premiumsUnfair practice defined.
Deferred annuities with cash surrender benefitsClarification.
Insurer must obtain and keep evidence that insured is a key personDefinition of "key person."
ACCELERATED LIFE INSURANCE BENEFITS
Title.
Authority, finding, purpose, and scope.
Definitions.
Assignees and beneficiaries.
Criteria for payment.
Disclosure statement.
Effective date of the accelerated benefit.
Waiver of premiums.
Unfair discrimination.
Actuarial standards, financing options, effect on cash value, and effect on policy loans.
Actuarial disclosure and reserves.
Filing requirements.
Administrative expenses.
Resolution of disputes regarding occurrence of qualifying events.
JUVENILE LIFE INSURANCE
Purpose and scope.
Definitions.
Required procedures and standards for sale of juvenile life insurance policies.