H-1647.1          _______________________________________________

 

                                  HOUSE BILL 1972

                  _______________________________________________

 

State of Washington              52nd Legislature             1991 Regular Session

 

By Representatives Zellinsky, Mielke, Heavey, Day, Paris, Schmidt, Prince, Scott and Holland.

 

Read first time February 18, 1991.  Referred to Committee on Financial Institutions & Insurance.Allowing surrender charges and forfeiture charges when issuing an insurance policy.


     AN ACT Relating to insurance; and amending RCW 48.30.190.

 

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

 

     Sec. 1.  RCW 48.30.190 and 1947 c 79 s .30.19 are each amended to read as follows:

     (1) No person shall willfully collect any sum as premium for insurance, which insurance is not then provided or is not in due course to be provided by an insurance policy issued by an insurer as authorized by this code.

     (2) No person shall willfully collect as premium for insurance any sum in excess of the amount actually expended or in due course is to be expended for insurance applicable to the subject on account of which the premium was collected.

     (3) No person shall willfully or knowingly fail to return to the person entitled thereto within a reasonable length of time any sum collected as premium for insurance in excess of the amount actually expended for insurance applicable to the subject on account of which the premium was collected.

     (4) Each violation of this section which does not amount to a felony shall constitute a misdemeanor.

     (5) Nothing contained in this section shall prohibit an insurer issuing a policy of insurance from providing for surrender charges, forfeiture charges, or similar charges.