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Health insurers in the state were already subject to a fine of $10,000 per violation or offense, so SB5331 evens the field with property and casualty insurers when it comes to accountability to their insureds. (Credit: Dragonstock/Adobe Stock)Several bills have recently been advanced by the Washington State Senate that address rating in the insurance industry and protections for consumers.
Senate Bill 5331 (SB5331) gives the state insurance commissioner the authority to order restitution for consumers who are victims of illegal acts from companies or individuals. It also gives the Office of the Insurance Commissioner (OIC) the power to fine property and casualty insurers up to $10,000 for each of these violations.
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