Permitted accounting practice instructions

Please submit a written request that includes, at a minimum, the following information required by WAC 284-07-520 (www.leg.wa.gov):

  • Company Name and NAIC number;
  • Proposed effective date and date of the first filed financial statement in which the proposed permitted accounting practice will be reported;
  • Detailed description of the requested permitted accounting practice, including specific cites to the NAIC Accounting Practices and Procedures Manual and/or Title 48 RCW (www.leg.wa.gov) from which the proposed permitted accounting practice will depart;
  • Periods in which the proposed permitted accounting practice was previously in effect, if applicable;
  • Time period in which the proposed permitted accounting practice will be effective (per WAC 284-07-530 (www.leg.wa.gov), the commissioner may only approve a request to use a permitted accounting practice for up to one calendar year);
  • Specific identification of each financial statement line item and its respective impact from the proposed permitted accounting practice; the respective impact must compare the financial statement prepared in accordance with Title 48 RCW (www.leg.wa.gov); and, the NAIC's accounting practices and procedures manual and financial statements incorporating the permitted accounting practices;
  • Total financial impact on the capital and surplus of the proposed permitted accounting practice and any other previously granted permitted accounting practices. The total impact must compare the financial statements prepared in accordance with Title 48 RCW (www.leg.wa.gov); and, the NAIC's accounting practices and procedures manual and financial statements incorporating the permitted accounting practice;
  • The capital and surplus impact of proposed permitted accounting practice, on a legal entity basis, on the domestic insurer, its ultimate and intermediate parents, and all affiliated U.S. Insurers; the capital and surplus effect must compare the financial statements prepared in accordance with Title 48 RCW (www.leg.wa.gov); and, the NAIC's accounting practices and procedures manual and financial statements incorporating the permitted accounting practice on a legal entity basis for the domestic insurer, its ultimate and intermediate parents and all affiliated U.S. insurers.

Where to send a request for approval of a permitted accounting practice

E-mail:
companysupervisionfilings@oic.wa.gov

US Mail:
Washington Office of the Insurance Commissioner
Company Supervision Division
P.O. Box 40259
Olympia, WA 98504-0259

Other Carriers:
Washington Office of the Insurance Commissioner
Company Supervision Division
5000 Capitol Blvd.
Tumwater, WA 98501

Updated 03/27/2014

See also

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