SB 6027 (2023-24) was passed to align Washington’s Insurer Holding Company Act (Ch. 48.31B RCW) with the updated NAIC model authorities including the Holding Company System Regulatory Act and Insurance Holding Company System Model Regulation with Reporting Forms. The NAIC revised these models in 2020 and adopted the updated versions as accreditation requirements for state insurance regulators effective January 1, 2026.
This rulemaking will fully implement the new law and updates to NAIC model laws and provide administrative guidance and regulatory clarification for the group capital calculation requirements, including insurance holding company exemptions. Additionally, this rulemaking is designed to adopt the complete group capital calculation framework recommended by the NAIC.
Notice to start rulemaking filed June 04, 2024
Comments
- The comment period for the CR-101 begins June 5, 2024 and is open until July 19, 2024