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SUBSTITUTE
SENATE BILL 6234
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AS
AMENDED BY THE HOUSE
Passed
Legislature - 2002 Regular Session
State of Washington
57th Legislature 2002 Regular Session
By
READ FIRST TIME 02/04/2002.
Requiring
a date certain for the payment of insurance premiums.
AN
ACT Relating to requiring a date certain for the payment of insurance premiums;
and amending RCW 48.18.140.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
48.18.140 and 1989 c 25 s 2 are each amended to read as follows:
(1)
The written instrument, in which a contract of insurance is set forth, is the
policy.
(2)
A policy shall specify:
(a)
The names of the parties to the contract. The insurer's name shall be clearly
shown in the policy.
(b)
The subject of the insurance.
(c)
The risk insured against.
(d)
The time at which the insurance thereunder takes effect and the period during
which the insurance is to continue.
(e)
A statement of the premium, and if other than life, disability, or title
insurance, the premium rate where applicable.
(f)
The conditions pertaining to the insurance.
(3)
If under the contract the exact amount of premiums is determinable only at
termination of the contract, a statement of the basis and rates upon which the
final premium is to be determined and paid shall be specified in the policy.
(4)(a)
Periodic payment plans for private passenger automobile insurance shall allow a
specific day of the month for a due date for payment of premiums. A late
charge may not be required if payment is received within five days of the date
payment is due.
(b)
The commissioner shall adopt rules to implement this subsection and shall take
no disciplinary action against an insurer until ninety days after the effective
date of the rule.
(5) This section shall not apply to surety insurance
contracts.
