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Senate Bill 5527 - Adding Sublimits of Coverage to an Insurance Policy's Declaration Page

Summary

Senate Bill 5527, State of Washington 67th Legislature, 2022 Regular Session, by Senators Wellman, Kuderer, Frockt, Nobles, and C. Wilson, prefiled December 10, 2021 and referred to the Committee on Business, Financial Services & Trade. The act relates to adding sublimits of coverage to an insurance policy's declaration page and amends RCW 48.18.140. Its text provides that the declarations page on residential policies must list all sublimits of coverage and be delivered to the insured at every policy renewal, and that periodic payment plans for private passenger automobile insurance allow a specific day of the month for the due date. A late charge may not be required if payment is received within five days.

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“Senate Bill 5527 - Adding Sublimits of Coverage to an Insurance Policy's Declaration Page.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-01-13-a29379-bill-5527-fb617b2f38/, SHA-256 d8172fdfca818d9895a5947910eae8a133aac1fb2e0ae7ce4f4c4e61f388bbfc.

Full text

     S-3248.1

                               SENATE BILL 5527


     State of Washington       67th Legislature       2022 Regular Session

     By Senators Wellman, Kuderer, Frockt, Nobles, and C. Wilson

     Prefiled 12/10/21. Read first time 01/10/22.    Referred to Committee
     on Business, Financial Services & Trade.




 1       AN ACT Relating to adding sublimits of coverage to an insurance
 2   policy's declaration page; and amending RCW 48.18.140.


 3   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:


 4       Sec. 1.   RCW 48.18.140 and 2002 c 344 s 1 are each amended to
 5   read as follows:
 6       (1) The written instrument, in which a contract of insurance is
 7   set forth, is the policy.
 8       (2) A policy shall specify:
 9       (a) The names of the parties to the contract. The insurer's name
10   shall be clearly shown in the policy.
11       (b) The subject of the insurance.
12       (c) The risk insured against.
13       (d) The time at which the insurance thereunder takes effect and
14   the period during which the insurance is to continue.
15       (e) A statement of the premium, and if other than life,
16   disability, or title insurance, the premium rate where applicable.
17       (f) The conditions pertaining to the insurance.
18       (3) If under the contract the exact amount of premiums is
19   determinable only at termination of the contract, a statement of the
20   basis and rates upon which the final premium is to be determined and
21   paid shall be specified in the policy.
                                     p. 1                           SB 5527
 1       (4)(a) Periodic payment plans for private passenger automobile
 2   insurance shall allow a specific day of the month for a due date for
 3   payment of premiums. A late charge may not be required if payment is
 4   received within five days of the date payment is due.
 5       (b) The commissioner shall adopt rules to implement this
 6   subsection and shall take no disciplinary action against an insurer
 7   until ninety days after the effective date of the rule.
 8       (5)(a) The declarations page on residential policies must include
 9   a listing of all sublimits of coverage within the insurance policy,
10   including any endorsements, and show either the amount of coverage,
11   the percentage of coverage, or both, that is being limited below the
12   overall policy coverage limits.
13       (b) For the purposes of this subsection (5) only:
14       (i) "Residential policies" include all homeowners, renters,
15   condominium, mobile home, and manufactured home noncommercial
16   coverage.
17       (ii) "Sublimit" means a limitation in an insurance policy on the
18   amount of coverage available to cover a specific type of loss that is
19   lower than the overall coverage amount.
20       (c) The entire declarations page must be delivered to the insured
21   at every policy renewal.
22       (6) This section shall not apply to surety insurance contracts.

                                  --- END ---




                                     p. 2                          SB 5527

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