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.
 James GallagherR Assemblymember | Committee Member |  Not Contacted | |
 Mike GipsonD Assemblymember | Committee Member | Not Contacted | |
 Phillip ChenR Assemblymember | Committee Member | Not Contacted | |
 Marc BermanD Assemblymember | Committee Member | Not Contacted | |
 Cottie Petrie-NorrisD Assemblymember | Committee Member | Not Contacted |
Email the authors or create an email template to send to all relevant legislators.
Introduced By
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 37 | 0 | 3 | 40 | PASS |
- 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.
Email the authors or create an email template to send to all relevant legislators.
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 |
|---|---|---|---|---|
| 37 | 0 | 3 | 40 | PASS |
James GallagherR Assemblymember | Committee Member | Not Contacted | |
Mike GipsonD Assemblymember | Committee Member | Not Contacted | |
Phillip ChenR Assemblymember | Committee Member | Not Contacted | |
Marc BermanD Assemblymember | Committee Member | Not Contacted | |
Cottie Petrie-NorrisD Assemblymember | Committee Member | Not Contacted |