Bill > SB583

This bill modifies the late filing fees that the California Insurance Commissioner must collect from admitted insurers (insurance companies licensed to do business in the state) who fail to submit required financial statements and forms on time. Currently, an insurer is charged a $705 late fee for the initial missed filing deadline, with an additional $849 fee for each subsequent month (or partial month) that the required statements are not filed. The bill increases these late filing fees to $800 for the initial missed deadline and $900 for each subsequent month of non-compliance. By raising these fees, the bill aims to incentivize insurance companies to submit their financial statements promptly and maintain timely reporting to the state's regulatory authorities, thereby ensuring better financial oversight and transparency in the insurance industry.

Budget and Finance, Business and Industry

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB583