The bill seeks to modernize and refine various statutes overseen by the insurance commissioner in Washington State by repealing outdated laws, aligning state policies with federal regulations, and implementing necessary technical corrections. It amends multiple sections of the Revised Code of Washington (RCW), focusing on insurance and financial institutions. Key updates include the exemption of certain information from public disclosure, modifications to refund request timelines, and the introduction of new definitions and requirements for charitable gift annuity businesses. Significant insertions clarify terms related to insurance, such as "personal" automobile liability, and establish a more structured refund request process, while also streamlining the legal framework governing insurance practices.

Additionally, the bill addresses regulations concerning medical malpractice claims and direct practices, requiring the commissioner to produce a report analyzing closed claims and the medical malpractice insurance market by September 1st, with the report to be posted online within 30 days. It mandates that direct practices submit annual statements that remain confidential and exempts them from public disclosure. The bill also revises the registration process for guaranteed asset protection waivers, reducing the percentage of agreements that must be assigned to avoid registration requirements, and updates application fees. Overall, the bill aims to enhance consumer protections, ensure equitable access to health services, and streamline the regulatory framework, with certain provisions set to take effect on January 1, 2026.

Statutes affected:
Original Bill: 42.56.400, 48.200.040, 48.19.460, 48.19.501, 48.19.540, 48.37.050, 48.38.010, 48.38.012, 48.43.0128, 48.43.115, 48.43.135, 48.43.743, 48.135.030, 48.02.190, 48.140.050, 48.150.100, 48.160.020