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Committee adds restitution authority to insurance enforcement bill, votes to pass as amended
Summary
Committee members amended HB 1088 to let the Insurance Commissioner order restitution to people directly harmed by violations of insurance law (amount equal to direct financial loss); the committee passed the bill as amended by voice/roll call and recorded a 14‑0 vote on the motion to report the bill as amended.
The Industry, Business and Labor Committee considered language to add consumer restitution authority to the insurance enforcement statute. The amendment approved by the committee would allow the Insurance Commissioner, “in addition to or in lieu of a monetary fine,” to require restitution equal to the direct financial loss sustained by a person directly harmed by a violation of the insurance code.
Commissioner John Godfrey told the committee the department currently cannot direct fined dollars to consumers and that the amendment aims to let the department make harmed citizens whole when regulatory violations…
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