|Targeted News Service|
The 2014 Legislative session ended
This year was a short 60-day session, which occurs every other year.
Insurance Company Solvency (House Bill 2461) (http://apps.leg.wa.gov/billinfo/summary.aspx?bill=2461) The Insurance Commissioner sponsored this bill,, which would have given us the tools needed to protect consumers from financial crises like the global recession of 2008. The bill included two model acts created by the NAIC to prevent such financial disaster from adversely affecting consumers.
One, called the Own Risk and Solvency Assessment (ORSA) Model Act, would require companies to create a plan for self-assessing and reporting their current and future financial information related to their two- to five-year business plans. This is designed to be an internal process for companies to ensure their solvency and to prevent financial disasters like the ones that occurred during the financial crisis of 2008.
The other, called the Holding Company Act, would enhance the Insurance Commissioner's s ability to monitor any insurance or other company under a parent company or holding company system. This bill would also give the Insurance Commissioner the appropriate tools to notify consumers when their investments or insurance policies are at great risk, in cases similar to Metropolitan Mortgage of
It may also have broader economic effects if insurers whose home headquarters is
This bill did not pass this session. The Insurance Commissioner will request the Holding Company Act next year.
Alien Insurer State of Entry (House Bill 1402/SB 5489) (http://apps.leg.wa.gov/billinfo/summary.aspx?bill=1402) This bill would have modernized the terms under which international insurance companies--called "alien insurers" in the industry--could enter the U.S. market through
Although it had broad bipartisan support, the legislation failed to get a final vote in the
Data Study Funding Restoration
Other bills that affect consumers