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Senate Bill 5797 — Fines on Authorized Insurers (Washington, 2024 Regular Session)

Summary

Senate Bill 5797 of the State of Washington, 68th Legislature, 2024 Regular Session, by Senators Kuderer, Stanford, Dhingra, Nobles, and Wellman. It was prefiled 12/04/23, read first time 01/08/24 and referred to the Committee on Business, Financial Services, Gaming & Trade. The act relates to fines levied upon authorized insurers in addition to or in lieu of suspension, revocation, or refusal to renew certificate of authority, and amends RCW 48.05.185. The text provides that the commissioner may levy a fine upon the insurer of not more than $25,000 for each violation, after hearing or with the consent of the insurer.

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Cite this document

“Senate Bill 5797 — Fines on Authorized Insurers (Washington, 2024 Regular Session).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-01-23-a31727-bill-5797-9985af2017/, SHA-256 d4b1028a497e6f54e252ac82feefaaaa1538ac20d2e2fd73c1bdd9e4b8029901.

Full text

     S-3486.1

                               SENATE BILL 5797


     State of Washington       68th Legislature       2024 Regular Session

     By Senators Kuderer, Stanford, Dhingra, Nobles, and Wellman

     Prefiled 12/04/23. Read first time 01/08/24. Referred to Committee
     on Business, Financial Services, Gaming & Trade.




1        AN ACT Relating to fines levied upon authorized insurers in
2    addition to or in lieu of suspension, revocation, or refusal to renew
3    certificate of authority; and amending RCW 48.05.185.


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


 5       Sec. 1.   RCW 48.05.185 and 1980 c 102 s 1 are each amended to
 6   read as follows:
 7       After hearing or with the consent of the insurer and in addition
 8   to or in lieu of the suspension, revocation, or refusal to renew any
 9   certificate of authority the commissioner may levy a fine upon the
10   insurer in an amount ((not less than two hundred fifty dollars and))
11   not more than ((ten thousand dollars)) $25,000 for each violation.
12   The order levying such fine shall specify the period within which the
13   fine shall be fully paid and which period shall not be less than
14   ((fifteen)) 15 nor more than ((thirty)) 30 days from the date of such
15   order. Upon failure to pay any such fine when due the commissioner
16   shall revoke the certificate of authority of the insurer if not
17   already revoked, and the fine shall be recovered in a civil action
18   brought ((in)) on behalf of the commissioner by the attorney general.




                                     p. 1                           SB 5797
1   Any fine so collected shall be paid by the commissioner to the state
2   treasurer for the account of the general fund.

                                --- END ---




                                    p. 2                         SB 5797

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