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 to take more decisive actions against violators, including issuing cease and desist orders, bringing legal actions to prevent ongoing violations, and ordering restitution for economic damages. The bill introduces specific provisions for restitution, including a requirement for payment within 30 days and the application of an 8% simple interest rate on the owed amount. Definitions for key terms such as "date the obligation arose" and "provider" are also provided to clarify the restitution process.

Additionally, the bill modifies the penalties for insurers found in violation of the law. It establishes a fine structure, setting a minimum fine of $250 and a maximum of $10,000 per violation, with specified timeframes for payment. The amendments also stipulate that failure to pay the fine may result in the revocation of the insurer's certificate of authority. Overall, the bill seeks to strengthen enforcement mechanisms and ensure that consumers receive timely restitution for damages caused by insurance violations.

Statutes affected:
Original Bill: 48.02.080, 48.05.185
Substitute Bill: 48.02.080, 48.05.185