Washington State OFFICE OF INSURANCE COMMISSIONER. The NRRA, HB 1694, and More June 29, 2011. Legislative Changes – Impact on Insurance Producers and Surplus Line Brokers. UNIFORMITY—Underlying Policy of the NRRA. Not new to you
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The NRRA, HB 1694, and More
June 29, 2011
HB 1694 is intended to implement the NRRA in Washington
Only the “insured’s home state” has authority regarding:
Any person purchasing commercial insurance that, at the time of placement, meets these requirements:
The amounts must be adjusted to reflect the percentage change for the five-year period in the consumer price index for all urban consumers published by the Bureau of Labor Statistics of the U.S. Department of Labor.
Listed on the Quarterly Listing of Alien Insurers maintained by the International Insurers Department of the NAIC.
Waiver of financial requirements:
“[I]n circumstances where insurance cannot be otherwise procured on risks located in this state….” [WAC 284-15-050]
Surplus line premium tax reporting and collection will be different.
Mandating online licensing—July 2011
Washington State Office of Insurance Commissioner