S‑1151.1   _____________________________________________

SUBSTITUTE SENATE BILL 5106

           _____________________________________________

State of Washington      57th Legislature     2001 Regular Session

By Senate Committee on Labor, Commerce & Financial Institutions (originally sponsored by Senators Prentice and Oke)

READ FIRST TIME 01/29/01. 

_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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