WSR 17-13-081 PREPROPOSAL STATEMENT OF INQUIRY OFFICE OF INSURANCE COMMISSIONER [Insurance Commissioner Matter No. R 2017-06—Filed June 16, 2017, 3:31 p.m.]
Subject of Possible Rule Making: Title insurance rating and advisory organizations.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.29.005, and sections 13 and 23, chapter 103, Laws of 2017.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: During the 2017 legislative session, the legislature enacted chapter 103, Laws of 2017 (EHB 1450) for creating and establishing the rights and duties for title insurance rating and advisory organizations. This act provided for the commissioner to adopt rules to (1) establish the fee for a license as a title rating organization; (2) the licensing requirements that an applicant for a license as a title rating organization must comply with; (3) requiring a title rating organization to periodically update its title insurance rate filings; and (4) enable the commissioner to recover the costs of the commissioner's examination of a title rating organization from the title rating organization. The proposed rules will seek to adopt rules regarding these matters and others that may be necessary to implement the act.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.
Process for Developing New Rule: Submit written comments by August 4, 2017, to Jim Tompkins, P.O. [Box] 40260, Olympia, WA 98504-0260, rulescoordinator@oic.wa.gov, fax (360) 586-3109.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Jim Tompkins, P.O. [Box] 40260, Olympia, WA 98504-0260, email rulescoordinator@oic.wa.gov, fax (360) 586-3109.
June 16, 2017
Mike Kreidler
Insurance Commissioner
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