Insurer financial statements.
- Increases late filing penalties for insurance companies that fail to submit required financial statements on time.
- Sets an initial late fee of $800 for missed financial statement deadlines.
- Imposes an additional monthly penalty of $900 for continued non-compliance.
Senator Rubio's proposal to modify California's insurance regulations would increase the financial penalties for insurers that fail to file required statements with the Insurance Commissioner on time. The measure adjusts the initial late filing fee from $705 to $800 and raises the monthly penalty from $849 to $900 for each month an insurer continues operating without submitting the required documentation.
The bill maintains the existing framework for financial statement submissions while updating only the monetary penalties for non-compliance. Under current law, admitted insurers must file various financial statements and forms with the Insurance Commissioner at prescribed intervals. The proposed fee increases would apply to all admitted insurers operating in California who do not meet these filing deadlines.
This bill was recently introduced. Email the authors to let them know what you think about it.
Introduced By
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 7 | 0 | 0 | 7 | PASS |
 Anna CaballeroD Senator | Committee Member |  Not Contacted | |
 Tim GraysonD Senator | Committee Member | Not Contacted | |
 Susan RubioD Senator | Bill Author | Not Contacted | |
 Megan DahleR Senator | Committee Member | Not Contacted | |
 Kelly SeyartoR Senator | Committee Member | Not Contacted |
- Increases late filing penalties for insurance companies that fail to submit required financial statements on time.
- Sets an initial late fee of $800 for missed financial statement deadlines.
- Imposes an additional monthly penalty of $900 for continued non-compliance.
This bill was recently introduced. Email the authors to let them know what you think about it.
Introduced By
Senator Rubio's proposal to modify California's insurance regulations would increase the financial penalties for insurers that fail to file required statements with the Insurance Commissioner on time. The measure adjusts the initial late filing fee from $705 to $800 and raises the monthly penalty from $849 to $900 for each month an insurer continues operating without submitting the required documentation.
The bill maintains the existing framework for financial statement submissions while updating only the monetary penalties for non-compliance. Under current law, admitted insurers must file various financial statements and forms with the Insurance Commissioner at prescribed intervals. The proposed fee increases would apply to all admitted insurers operating in California who do not meet these filing deadlines.
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 7 | 0 | 0 | 7 | PASS |
Anna CaballeroD Senator | Committee Member | Not Contacted | |
Tim GraysonD Senator | Committee Member | Not Contacted | |
Susan RubioD Senator | Bill Author | Not Contacted | |
Megan DahleR Senator | Committee Member | Not Contacted | |
Kelly SeyartoR Senator | Committee Member | Not Contacted |