HOUSE BILL ANALYSIS

               HB 1065

Brief Description:  Filing certain insurance related corporate documents.

       Prepared by: Charlie Gavigan, Counsel (786-7340)

         Financial Institutions & Insurance Committee

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BACKGROUND:  Currently, anyone organizing an insurance company to be incorporated in the state of Washington must file corporate documents with both the Secretary of State and the Office of the Insurance Commissioner.  These documents include the articles of incorporation and any amendments to the articles.  As with other corporations, the Secretary of State checks for duplication of the proposed name with existing corporations or any similarity of names that might be confusing to the public.  The Office of the Insurance Commissioner also checks proposed names for duplication or possible confusion.

These filing requirements also apply to health care service contractors and health maintenance organizations.

 SUMMARY:  The requirement for filing corporate documents in both the Office of the Insurance Commissioner and the Secretary of State by insurance companies, health care service contractors, and health maintenance organizations is amended to require filing only with the Office of the Insurance Commissioner.

The Office of the Insurance Commissioner and the Secretary of State are required to cooperate in registering or reserving new corporate names to avoid duplication with existing corporate names.

     Fiscal Note:  Not requested.

Effective Date:  Ninety days after adjournment of session in which bill is passed.

Rulemaking:  No specific authority in bill.