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