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Committee gives due‑pass recommendation to insurer notice bill in executive session
Summary
After a brief executive session, the committee issued a due‑pass recommendation for substitute House Bill 2,428, a lifecycle insurance notice bill; staff reported an estimated $35,000 implementation cost to the Office of the Insurance Commissioner.
Olympia, Feb. 19 — In executive session, the Senate Business Committee issued a due‑pass recommendation for substitute House Bill 2,428 and sent the bill to the Rules Committee.
Committee staff John Kim summarized SHB 2428 in open session, saying the bill would require insurers issuing individual life insurance policies to send policyholders and designated third parties a notice of possible lapse due to nonpayment and provides requirements for designating the third party. The Office of the Insurance Commissioner provided a fiscal estimate of $35,000 in operating expenditures from its regulatory account to implement the notice requirement.
Following a five‑minute executive session, an unnamed committee member moved that the committee give SHB 2428 a due‑pass recommendation and refer it to the Rules Committee. The committee voted by voice and Chair Kauffman announced the bill had passed the committee "subject to signatures."
