WA | The Washington State Office of the Insurance Commissioner announces the following regulatory changes for insurance licensees:
Producer Variable Line of Authority – A regulation change will align the language between the OIC and the Department of Financial Institutions (DFI) regarding the requirements of licensees to sell variable life and annuity products as well as explicitly referencing DFI as a joint regulator in this matter. This rule change is anticipated to be effective January 1, 2019.
Adjuster Education – A regulation has been added to modify the resident adjuster trainee program. This rule clarifies the special education requirement reference in the adjuster laws and adds an education alternative to completing the adjuster trainee program by completing specific adjuster designations. This rule change is anticipated to be effective January 1, 2019.
Individual License Expiration date – A regulation has been modified to change the individual license expiration date from the licensees’ date of birth to the end of the licensees’ birth month. This rule change will be effective December 17, 2018.
Lengthening the renewal notification window – A regulation has been modified to change the renewal window for license and appointment renewals from 60 days to 90 days prior to the license or appointment expiration date. This rule will be effective December 17, 2018.
More information on each of these regulatory changes can be found on the OIC website by clicking here.