FINAL BILL REPORT

                 ESHB 2036

                         C 214 L 95

                     Synopsis as Enacted

Brief Description:  Concerning the sale of consumer credit unemployment insurance.

Sponsors:  House Committee on Financial Institutions & Insurance (originally sponsored by Representative L. Thomas).

House Committee on Financial Institutions & Insurance

Senate Committee on Financial Institutions & Housing

Background:  The Office of the Insurance Commissioner regulates insurance in Washington.  Agents and brokers must be licensed by the Insurance Commissioner.  The Insurance Commissioner may issue a limited license for transacting credit life and casualty insurance.  Credit life insurance generally pays off the loan balance in the event of the death of a borrower.  Credit casualty insurance generally covers part or all of the monthly payment when a covered event interferes with a borrower's ability to repay the loan.  Examples of covered events include an accident, a disability, or involuntary unemployment.

Summary:  A person may obtain information from a borrower related to processing a credit  casualty insurance request without being a licensed agent or broker.  The Insurance Commissioner may issue a limited license to allow transaction of credit casualty insurance.

Votes on Final Passage:

House     95 0

Senate    39 1

Effective:  July 23, 1995