The Washington OIC sets minimum best-interest suitability standards in WAC 284-212-110, requiring issuers and producers to establish standards that include identifying and avoiding conflicts of interest and disclosing, on request, the scope and terms of the producer’s relationship with the applicant. The rules also implement loss ratio standards mandated by RCW 48.212.200(1) in WAC 284-212-210 and WAC 284-212-230, and the OIC states that implementation will be shared across its Rates, Forms, and Provider Networks, Consumer Protection, Company Supervision and Legal Affairs divisions, which will handle supervision, consumer assistance, rule content, authority questions, enforcement and market compliance within Washington state.
Washington finalizes long-term care insurance rules for WA Cares
