Bill > SB5331

This bill strengthens consumer protection by expanding the Washington State Insurance Commissioner's regulatory powers and enforcement mechanisms. Specifically, the bill allows the Commissioner to order restitution for demonstrated economic damages after a hearing or with the consent of the responsible party, with clear guidelines for calculating when an obligation arose and specifying that restitution must include eight percent simple interest. The bill also updates the Commissioner's existing authority to issue cease and desist orders, bring injunctive actions, and potentially combine multiple enforcement approaches. Additionally, the legislation modifies fine structures for insurers, increasing the potential fine range from $250-$10,000 per violation, with specific timelines for payment and potential consequences for non-payment, such as revocation of the insurer's certificate of authority. The bill aims to provide more robust accountability for insurance code violations and create clearer processes for addressing consumer harm, while giving the Insurance Commissioner more flexible tools to enforce regulations and protect consumers.