Insurers and other Office of the Insurance Commissioner (OIC)-regulated companies should be aware of several new requirements that become effective during calendar year 2020.
Internal audit requirements for insurers (R2019-02)
Washington adopted the revised NAIC audit model regulation on December 5, 2019, that takes effect on January 5, 2020.
The purpose of this rulemaking incorporates an internal audit function requirement for large insurers writing more than $500 million, or insurance groups writing more than $1 billion in annual premium. These insurers must maintain an internal audit function providing independent, objective, and reasonable assurance to the audit committee and insurer management regarding the insurer's governance, risk management and internal controls.
This chapter applies to all insurers as defined under WAC 284-07-110 and domiciled in this state.
Revised SERFF general filing instructions (R2019-06)
Washington adopted changes to various chapters in WAC Title 284 concerning general forms and rates filing on December 9, 2019, that takes effect on January 9, 2020.
The purpose of this rulemaking is to revise WAC 284-38, WAC 284-44A, WAC 284-46A, and WAC 284-58 concerning the electronic filing of forms and rates. The intent is to harmonize the structure and wording of these WACs and incorporate requirements for plan management documents (binders) for health care service contractors, health maintenance organizations, life and disability carriers and charitable gift annuity filers.
Company Supervision Division
Washington State Office of the Insurance Commissioner
Insurance 5000 Building
P.O. Box 40255
Olympia, WA 98504-0255