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2004 Summary of New State Laws - Washington

Issue

Bill #

Bill Description

Financial Regulation

HB 2817

Establishes that insurer investments in limited liability companies (used to develop real property owned by the insurer) may not exceed the lesser of 4% of its assets or 50% of its surplus over its capital and other liabilities (if a mutual or reciprocal insurer 50% of its surplus over minimum required surplus.) Effective 4/12/04. Chapter 88, Laws of 2004.

Financial Regulation

HB 2838

Allows a qualified domestic mutual insurer to increase its surplus by issuing a capital call. Effective 3/22/04. Chapter 89, Laws of 2004.

Insurance Scoring

HB 2727

Requires all personal lines insurers that use credit history or insurance scores to determine personal insurance rates, premiums, or eligibility for coverage to file all rates and rating plans with the commissioner of insurance. Effective 4/12/04. Chapter 86, Laws of 2004.

Motor Vehicle Insurance

(Salvage)

HB 2908

Provides rules to govern the registration and inspection of salvage vehicles. Effective 4/15/04. Chapter 188, Laws of 2004.

(UI/UIM)

HB 2987

Requires insurers writing motorcycle insurance to provide information to prospective insureds about underinsured coverage. Effective 4/12/04. Chapter 90, Laws of 2004.

Regulation

(Denial, Cancellation and Nonrenewal Requirements)

HB 2364

Prohibits licensed homeowners insurers from denying, canceling, refusing to renew, or modifying an existing policy because the applicant or insured is a foster parent. Effective 4/12/04. Chapter 84, Laws of 2004.

Tort Reform

(Post-Judgment Interest)

HB 2485

Changes the calculation of post-judgment interest for tort claims. Effective 4/15/04. Chapter 185, Laws of 2004.

Workers' Compensation

HB 1691

Authorizes advanced registered nurse practitioners to examine, diagnose, and treat injured workers covered under the workers' compensation system. Effective 7/1/04. Chapter 65, Laws of 2004.

Workers' Compensation

SB 6158

Directs the insurance commissioner to study the impact of covering commercially purchased workers' compensation policies under the state guarantee fund. Effective 4/15/04. Chapter 164, Laws of 2004.

The information contained in this summary is not intended as a portrayal of every property/casualty-related law enacted in each state. Rather, it represents recently enacted legislation specifically identified by NAMIC State and Regulatory Affairs Staff as bearing direct relevance to those issues that represent NAMIC's National State Legislative Agenda or otherwise deemed pertinent to the interests of the majority of NAMIC members.

This summary is for use as a convenient tool for our members, and is not intended, and should not be considered to be, legal advice. Please consult your legal representatives.

Washington State Resource Center