5. Estimate of amount of time that state employees will spend developing the rule and of other resources necessary to develop the rule:
150 hours.
6. List with description of all entities that may be affected by the proposed rule:
All insurers with total annual direct written and unaffiliated assumed premiums less than $1,000,000,000.
7. Summary and preliminary comparison with any existing or proposed federal regulation that is intended to address the activities to be regulated by the proposed rule:
There is no existing federal regulation that is intended to address the changes that will be proposed in this rule.
8. Anticipated economic impact of implementing the rule (note if the rule is likely to have a significant economic impact on small businesses):
The changes will provide clarity to insurers regarding the documentation required to be provided to the Commissioner and will not have any economic impact to licensed insurers, agents or the general public but will improve the Commissioner’s review of financial solvency. The proposed modification to include additional insurers from internal audit requirements will current economic burdens to eligible insurers without increasing costs or other economic impact to other licensed insurers, agents or the general public.
Contact Person: Julie E. Walsh, Senior Attorney, (office) 608-264-8101, (mobile) 608-417-0281.
Mark Afable, Commissioner of Insurance Date
September 30, 2020
Date Submitted
