SUBSTITUTE HOUSE BILL 1661
State of Washington 57th Legislature 2001 Regular Session
By House Committee on Financial Institutions & Insurance (originally sponsored by Representatives Keiser, Bush, Santos and Miloscia)
READ FIRST TIME 02/20/01.
_1 AN ACT Relating to juvenile life insurance; adding a new
_2 section to chapter 48.23 RCW; and providing an effective date.
_3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
_4 NEW SECTION. Sec. 1. A new section is added to chapter 48.23
_5 RCW to read as follows:
_6 Life insurers shall develop and implement underwriting
_7 standards and procedures designed to detect and prevent the
_8 purchase of juvenile life insurance for speculative or fraudulent
_9 purposes. These standards and procedures shall be made available
10 for review by the commissioner.
11 Life insurers shall maintain records of underwriting rejections
12 of applications for life insurance on juvenile lives for a period
13 of ten years.
14 NEW SECTION. Sec. 2. This act takes effect August 1, 2001.
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