Senate Bill Report SB 5797: Fines Levied Upon Authorized Insurers (January 10, 2024)
Summary
This Senate Bill Report on SB 5797, as of January 10, 2024, concerns fines levied upon authorized insurers in addition to or in lieu of suspension, revocation, or refusal to renew a certificate of authority. It lists Senators Kuderer, Stanford, Dhingra, Nobles and Wellman as sponsors and Committee Activity before Business, Financial Services, Gaming & Trade on 1/11/24. The Brief Summary states that the bill increases the amount an authorized insurer may be fined per violation from $10,000 to $25,000. It states a fiscal note was requested on January 5, 2024, and an effective date of ninety days after adjournment of the session in which the bill is passed.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
- Issuer
- Congressional materials
- Document type
- Report
- Date
- 2024-01-11
- Case
- 2024 01 11 A31505 D263749 Bill Report 5797 Sba Bfgt 24
Cite this document
“Senate Bill Report SB 5797: Fines Levied Upon Authorized Insurers (January 10, 2024).”
Original at app.leg.wa.gov, dated 2024-01-11. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-01-11-2024-01-11-a31505-d263749-bill-report-5797-sba-bfgt-24/
, SHA-256 609d447c80367d7407207ba6e87ecb57cf4fa514eadc4af3ed0c6a138eb84cd2.Full text
SENATE BILL REPORT
SB 5797
As of January 10, 2024
Title: An act relating to fines levied upon authorized insurers in addition to or in lieu of
suspension, revocation, or refusal to renew certificate of authority.
Brief Description: Concerning fines levied upon authorized insurers.
Sponsors: Senators Kuderer, Stanford, Dhingra, Nobles and Wellman.
Brief History:
Committee Activity: Business, Financial Services, Gaming & Trade: 1/11/24.
Brief Summary of Bill
• Increases the amount an authorized insurer may be fined per violation
from $10,000 to $25,000.
SENATE COMMITTEE ON BUSINESS, FINANCIAL SERVICES, GAMING & TRADE
Staff: Kellee Gunn (786-7429)
Background: The Office of the Insurance Commissioner (OIC) regulates insurance
companies and individuals that work in the insurance industry. The OIC is responsible for
enforcing insurance laws and rules in this state. A violation of the insurance code or
administrative rule may result in a fine and, depending on the nature of the violation, license
or certificate of authority suspension, revocation, nonrenewal, or other action. Some fines
may be levied in lieu of revocation, suspension, or refusal to renew a license or certificate of
authority. Fines vary depending on the entity, licensee, and the act committed.
Summary of Bill: The amount OIC may fine an authorized insurer in addition to or in lieu
of suspension, revocation, or nonrenewal of a certificate of authority is increased from not
more than $10,000 to not more than $25,000 per violation.
This analysis was prepared by non-partisan legislative staff for the use of legislative
members in their deliberations. This analysis is not part of the legislation nor does it
constitute a statement of legislative intent.
Senate Bill Report -1- SB 5797
Appropriation: None.
Fiscal Note: Requested on January 5, 2024.
Creates Committee/Commission/Task Force that includes Legislative members: No.
Effective Date: Ninety days after adjournment of session in which bill is passed.
Senate Bill Report -2- SB 5797
File and source
- File
- 2024-01-11_a31505_d263749_bill-report-5797-sba-bfgt-24.pdf
- Size
- 6,521 bytes
- SHA-256
- 609d447c80367d7407207ba6e87ecb57cf4fa514eadc4af3ed0c6a138eb84cd2
- Original
- app.leg.wa.gov