The bill aims to enhance consumer protection by increasing accountability for insurers who violate the insurance code in Washington State. It amends existing laws to empower the commissioner with additional enforcement tools, including the ability to issue cease and desist orders, bring actions to enjoin violations, and order restitution for affected parties. Specifically, the commissioner can now order restitution with an interest rate of eight percent, which must be paid within 30 days of the order. This change is intended to ensure that consumers receive timely compensation for any losses incurred due to violations.

Additionally, the bill modifies the penalties for insurers found in violation of the insurance code. It establishes a fine structure that ranges from $250 to $10,000 per violation, with a specified payment period of 15 to 30 days. If an insurer fails to pay the fine, the commissioner is mandated to revoke their certificate of authority. The bill also clarifies that any collected fines will be directed to the state treasurer for the general fund, reinforcing the financial accountability of insurers and the state's commitment to consumer protection.

Statutes affected:
Original Bill: 48.02.080, 48.05.185