SB-583
Budget & Economy

Insurer financial statements.

Introduced
CA
2025-2026 Regular Session
0
0
Track

Key Takeaways

  • 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.
10% progression
Bill has been formally introduced and read for the first time in its house of origin (2/20/2025)
Probability of Passing
We're working on it! Check back later.

Summary

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.

Get Involved

Act Now!

This bill was recently introduced. Email the authors to let them know what you think about it.

Introduced By

Susan Rubio
Susan RubioD
California State Senator

Community Outlook

No votes yet
Positive
0%
Negative
0%

Latest Voting History

April 9, 2025
PASS
Senate Committee
Senate Insurance Hearing
AyesNoesNVRTotalResult
7007PASS

Key Dates

Next Step
Referred to the Senate Standing Committee on Appropriations
Next Step
Senate Committee
Referred to the Senate Standing Committee on Appropriations
Hearing scheduled for , 1021 O Street, Room 2200
Senate Insurance Hearing
Senate Committee
Senate Insurance Hearing
Senate Insurance Hearing
Introduced. Read first time. To Com. on RLS. for assignment. To print.
Senate Floor
Introduced. Read first time. To Com. on RLS. for assignment. To print.
Introduced. Read first time. To Com. on RLS. for assignment. To print.

Relevant Contacts

Profile
Anna CaballeroD
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Tim GraysonD
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Susan RubioD
Senator
Bill Author
Not Contacted
Not Contacted
Profile
Megan DahleR
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Kelly SeyartoR
Senator
Committee Member
Not Contacted
Not Contacted
0 of 8 row(s) selected.
Page 1 of 2
Select All Legislators
Profile
Anna CaballeroD
Senator
Committee Member
Profile
Tim GraysonD
Senator
Committee Member
Profile
Susan RubioD
Senator
Bill Author
Profile
Megan DahleR
Senator
Committee Member
Profile
Kelly SeyartoR
Senator
Committee Member
Profile
Aisha WahabD
Senator
Committee Member
Profile
Christopher CabaldonD
Senator
Committee Member
Profile
Laura RichardsonD
Senator
Committee Member

Key Takeaways

  • 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.

Get Involved

Act Now!

This bill was recently introduced. Email the authors to let them know what you think about it.

Introduced By

Susan Rubio
Susan RubioD
California State Senator

Summary

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.

10% progression
Bill has been formally introduced and read for the first time in its house of origin (2/20/2025)
Probability of Passing
We're working on it! Check back later.

Key Dates

Next Step
Referred to the Senate Standing Committee on Appropriations
Next Step
Senate Committee
Referred to the Senate Standing Committee on Appropriations
Hearing scheduled for , 1021 O Street, Room 2200
Senate Insurance Hearing
Senate Committee
Senate Insurance Hearing
Senate Insurance Hearing
Introduced. Read first time. To Com. on RLS. for assignment. To print.
Senate Floor
Introduced. Read first time. To Com. on RLS. for assignment. To print.
Introduced. Read first time. To Com. on RLS. for assignment. To print.

Community Outlook

No votes yet
Positive
0%
Negative
0%

Latest Voting History

April 9, 2025
PASS
Senate Committee
Senate Insurance Hearing
AyesNoesNVRTotalResult
7007PASS

Relevant Contacts

Profile
Anna CaballeroD
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Tim GraysonD
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Susan RubioD
Senator
Bill Author
Not Contacted
Not Contacted
Profile
Megan DahleR
Senator
Committee Member
Not Contacted
Not Contacted
Profile
Kelly SeyartoR
Senator
Committee Member
Not Contacted
Not Contacted
0 of 8 row(s) selected.
Page 1 of 2
Select All Legislators
Profile
Anna CaballeroD
Senator
Committee Member
Profile
Tim GraysonD
Senator
Committee Member
Profile
Susan RubioD
Senator
Bill Author
Profile
Megan DahleR
Senator
Committee Member
Profile
Kelly SeyartoR
Senator
Committee Member
Profile
Aisha WahabD
Senator
Committee Member
Profile
Christopher CabaldonD
Senator
Committee Member
Profile
Laura RichardsonD
Senator
Committee Member