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Panel approves restitution amendment to insurance oversight bill; committee passes measure as amended
Summary
The committee adopted an amendment allowing the Insurance Commissioner to require restitution of proven direct financial losses to harmed consumers 'in addition to or in lieu of' monetary fines, then voted a do‑pass recommendation on House Bill 1088 as amended.
The Industry, Business and Labor Committee considered House Bill 1088, a measure modifying enforcement powers within insurance law to allow the Insurance Commissioner to require restitution to consumers who suffer proven financial harm.
Commissioner John Godfrey told the committee the department had encountered cases where fines alone did not make harmed consumers whole and that the proposed language would give the department an enforcement tool to…
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