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PDFWAC 284-07-510

Prior approval required for a domestic insurer to use permitted accounting practice.

(1) If a domestic insurer wishes to use a permitted accounting practice, the domestic insurer must obtain prior written approval of the permitted accounting practice from the commissioner.
(2) An insurer must submit its request for a permitted accounting practice to the commissioner in writing.
(3) A request for a permitted accounting practice must be received by the commissioner more than thirty days prior to its proposed effective date and may not be used until thirty days after the commissioner has approved the practice in writing. For good cause shown, the commissioner may reduce either time period.
(4) Instructions as to how and where a domestic insurer must send its request for a permitted accounting practice to the commissioner may be found on the commissioner's web site at www.insurance.wa.gov.
(5) The insurer may not implement any permitted practice prior to written approval by the commissioner.
(6) An insurer may use only those permitted accounting practices which have been specifically approved for that insurer and only for the time period permitted by the commissioner.
[Statutory Authority: RCW 48.02.060, 48.44.050, and 48.46.200. WSR 09-03-102 (Matter No. R 2008-26), ยง 284-07-510, filed 1/21/09, effective 2/21/09.]
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