SENATE BILL REPORT

HB 31

BYRepresentatives Lux and P. King 

Requiring insurers to file their annual statement convention blank.

House Committe on Financial Institutions & Insurance

Senate Committee on Financial Institutions

Senate Hearing Date(s):March 24, 1987

Majority Report:  Do pass.

      Signed by Senators Moore, Chairman; Bender, Vice Chairman; McDermott, Metcalf, von Reichbauer.

Senate Staff:Stephanie Yates (786-7416)

                  March 24, 1987

AS REPORTED BY COMMITTEE ON FINANCIAL INSTITUTIONS, MARCH 24, 1987

BACKGROUND:

The National Association of Insurance Commissioners has established a computerized system for use by insurance commissioners; this system permits direct and immediate access to information regarding the financial status of all insurance companies.

SUMMARY:

Insurance companies authorized to transact business in Washington are required to file a copy of their annual statement with the National Association of Insurance Commissioners (NAIC).  In addition, the Insurance Commissioner of Washington State is authorized to establish a fee which must be paid by insurers directly to the NAIC to cover the cost of analyzing annual statements submitted by insurance companies.

Fiscal Note:      none requested

Senate Committee - Testified: June Mulcahy, Insurance Commissioner's Office