FINAL BILL REPORT

HB 31

                                  C 132 L 87

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

SYNOPSIS AS ENACTED

BACKGROUND:

The National Association of Insurance Commissioners has established a computerized system for use by insurance commissioners that 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 financial statement with the National Association of Insurance Commissioners (NAIC).  In addition, Washington state's insurance commissioner is authorized to establish a fee which must be paid by insurers directly to the NAIC to cover the cost of analyzing financial statements submitted by companies.

VOTES ON FINAL PASSAGE:

      House 90   0

      Senate    49     0

EFFECTIVE:July 26, 1987