Insurers and regulated entities

The new law requires producers (and insurers where no producer is involved) to act in the best interests of their consumers when recommending annuities, complete annuity specific training, and to establish and maintain recommendation supervision systems that ensure the consumer's needs and financial objectives are met.  Rulemaking will align the regulations in the Insurance Code with the new law and updates to NAIC Model Regulation #275.

SSB 5720 also removes the commissioner’s rulemaking authority to increase the value of risk mitigation goods and services. The purpose of this rule is to align existing rule language with newly amended statutes.

The rule repeals WAC 284-24A-090 and restores WAC 284-24A-050 to its language prior to the August 29, 2022 ruling.

Rulemaking is necessary to revise the Balance Billing Protection Act rules at chapter 284-43B WAC and the Office of the Insurance Commissioner's (OIC) network access rules at chapter 284-170 WAC to be consistent with the new law. The rules will facilitate implementation of the law changes by ensuring that all affected entities understand their rights and obligations under the new law.

The rule will also establish consistency in applying payments. Amendments to rules are made for consistency in definitions with a third-party payment, clarity in pharmacy exceptions and the appeals process, and the application of cost-sharing paid by a third party for the purposes of high-deductible plans. This rulemaking will be addressed in accordance with federal guidance.