WASHINGTON — Washington Credit Union League Senior Vice President and General Counsel Stacy Augustine said that the league plans to let the private insurance issue cool down a bit before the group pursues necessary legislative changes.
Last week, WCUL and the interested credit unions asked the Washington Division of Credit Unions to put its rulemaking on hold for clarifications in the law and the regulator has cancelled its scheduled public hearings on the matter.
The final rule the agency was ready to put out, which took into account comments from interested parties, "was not a rule that any share insurer could meet," Augustine said. The national geographic diversity provision was one of the two key sticking points in moving forward with a final rule, she explained. The second was that with little guidance in the law, the rule would have required any alternative insurer to be registered with the state insurance commissioner, which did not have experience in dealing with this type of insurer.
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