HOUSE BILL REPORT

HB 31

BYRepresentatives Lux and P. King 

Requiring insurers to file their annual statement convention blank.

House Committe on Financial Institutions & Insurance

Majority Report:     Do Pass.  (13)

     Signed by Representatives Lux, Chair; Zellinsky, Vice Chair; Betrozoff, Chandler, Crane, Day, Dellwo, Ferguson, Meyers, Niemi, Nutley, P. King and Winsley.

House Staff:John Conniff (786-7119)

AS PASSED HOUSE FEBRUARY 2, 1987

BACKGROUND:

The National Association of Insurance Commissioners has established a computerized system for use by insurance commissioners, which 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:    Not Requested.

House Committee ‑ Testified For:     Basil Badley, American Insurance Association.

House Committee - Testified Against: None Presented.

House Committee - Testimony For:     Ninety-nine percent of the insurers in the state of Washington voluntarily comply with the provisions of this bill already.

House Committee - Testimony Against: None Presented.