The Washington OIC sets forth minimum best-interest suitability standards in WAC 284-212-110, which requires issuers and producers to establish standards that include identifying and avoiding conflicts of interest and, upon request, disclosing the scope and terms of the producer’s relationship with the applicant. The rules also implement the loss ratio standards mandated by RCW 48.212.200(1) in WAC 284-212-210 and WAC 284-212-230, and OIC says the implementation will be shared across its rates, forms and provider networks, consumer protection, company supervision, and legal affairs divisions, which handle supervision, consumer assistance, rule content, authorization questions, Will handle enforcement and market compliance.
Washington finalizes long-term care insurance rules for WA Cares & more related News Here
