Updating contact information
WAC 284-17-005 (leg.wa.gov) says you have 30 days to update your contact information if there are any changes to your email, resident, mailing or business addresses.
You are required to respond
If we send you any inquiry you have 15 days to respond. See RCW 48.17.475 (leg.wa.gov).
You have 30 days to report any criminal charges or administrative actions taken against you by any other regulatory agency. See RCW 48.17.597 (leg.wa.gov).
You must also take steps to make sure the annuity sale is suitable for the client. See RCW 48.23.015 (2)(b) (leg.wa.gov).
If you represent an agency, make sure you are affiliated before you transact business.
If you are selling insurance for companies you are not appointed to represent, you must have a bond in favor of the People of Washington state.
Notification of security breach
Any breaches involving an insured client's personal or health information require you to notify our office in writing within two business days after informing the client.
Required disclosure for charging fees
Prior to charging any fees, disclose it in writing to your client and obtain their agreement and signature on the disclosure form. See WAC 284-30-750 (leg.wa.gov).
If you are receiving a commission and charging a fee, you must disclose:
- The fee being charged
- The commission being earned (in dollars)
- The full name of the company paying the commission
- An explanation of any offset of the fee, if appropriate
- The possibility of contingent commissions, if appropriate