A permitted accounting practice differs from the accounting (or reporting) that Washington Insurance Code requires. We need to approve permitted accounting practices.

What to include in your request for approval

Company information

Provide your:

  • Company name.
  • National Association of Insurance Commissioners (NAIC) number.

Description of the proposed accounting practice

Describe the proposed accounting practice and how it differs from our requirements. Include citations from the NAIC Accounting Practices and Procedures Manual and/or Title 48 RCW.

Dates

Include:

  • The date you want to start using the practice.
  • The date of the first financial statement in which you'll report the practice.
  • Past periods when you used the proposed accounting practice, if applicable.
  • The period in which you'll use the proposed accounting practice (per WAC 284-07-530). We can only approve using permitted accounting practices for up to one calendar year.

Financial statement comparison

Identify each line item on a financial statement and how your proposed accounting practices impact each. Show this by comparing the financial statement using our accounting practices with those using your proposed accounting practices.

Total financial impact on the capital and surplus

Show this for:

  • The proposed permitted accounting practice.
  • Any other permitted accounting practices we previously approved.

For the total impact, compare financial statements using your proposed accounting practice with those that follow Title 48 RCW and the NAIC's Accounting Practices and Procedures Manual.

Capital and surplus impact of the proposed accounting practice

Include this on a legal entity basis, on the domestic insurer, its ultimate and intermediate parents and all affiliated U.S. insurers. Compare the capital and surplus effect with the financial statements that follow Title 48 RCW and the NAIC's Accounting Practices and Procedures Manual.

Where to send your request for approval

Send us a message

Company Supervision Filings

Mailing address

Washington state Office of the Insurance Commissioner
Company Supervision Division
P.O. Box 40255
Olympia, WA 98504-0255

Delivery address

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