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WAC 200-120-230

Standards for management and operations—State risk manager reports.

(1) Every joint property and liability self-insurance program authorized to transact business in the state of Washington shall submit the annual report to the state risk manager.
(2) The annual report to the state risk manager shall require the following information to be submitted in electronic form within one hundred twenty days of fiscal year end:
(a) Audited annual financial statements, including signed, as provided to the financial auditors;
(b) Actuarial reserve review report on which the net claims liabilities at fiscal year end reported in the audited financial statements are based;
(c) Copies of all insurance coverage documents;
(d) List of contracted consultants;
(e) Details of changes in the ownership agreement; and
(f) Details of services provided by contract to nonmember participants.
(3) All joint self-insurance programs shall submit quarterly financial reports if, in the estimation of the state risk manager, the financial condition of a program warrants additional quarterly reporting requirements.
(4) Failure to provide required financial reports may result in corrective action by the state risk manager. Such actions may include:
(a) Increase in frequency of examinations, the cost of which shall be the responsibility of the program;
(b) On-site monitoring by the state risk manager;
(c) Service of a cease and desist order upon the program.
[Statutory Authority: 2011 c 43. WSR 11-23-093, recodified as § 200-120-230, filed 11/17/11, effective 11/17/11. Statutory Authority: Chapter 48.64 RCW, RCW 48.64.015, and 42.64.020. WSR 11-06-001, § 82-70-230, filed 2/16/11, effective 3/19/11.]
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