The bill seeks to modernize and correct various statutes overseen by the insurance commissioner in Washington State by repealing outdated laws and aligning state policies with federal regulations. Key updates include a revised timeline for requesting refunds on taxes and fees, allowing tax refunds to be requested within six years and other fees within 13 months. The bill also introduces exemptions from public disclosure for certain sensitive documents related to insurance and financial institutions, enhancing data protection. Additionally, it mandates that insurers consider fire alarms and smoke detection devices when setting rates for dwelling unit insurance and adjusts criteria for granting certificates of exemption to charitable organizations involved in gift annuity businesses.

Further amendments focus on improving consumer protections and ensuring equitable access to insurance services. The bill requires insurers to file policy forms for approval, introduces specific timelines for annual financial reporting, and mandates health carriers to cover gender-affirming treatments and hearing instruments. It also emphasizes transparency by requiring detailed annual reports on dental plans and medical malpractice claims, which will be publicly accessible. The bill clarifies registration requirements for entities marketing guaranteed asset protection waivers and repeals several existing statutes related to health insurance market stability and other areas. The new provisions are 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
Substitute 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, 48.43.135, 48.43.743, 48.135.030, 48.02.190, 48.140.050, 48.150.100, 48.160.020