California 2025-2026 Regular Session

California Senate Bill SB583 Compare Versions

Only one version of the bill is available at this time.

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1	1	CALIFORNIA LEGISLATURE 20252026 REGULAR SESSION Senate Bill No. 583Introduced by Senator RubioFebruary 20, 2025 An act to amend Section 924 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTSB 583, as introduced, Rubio. Insurer financial statements. Existing law requires an insurer doing business in the state to file with the Insurance Commissioner various financial statements and forms at prescribed intervals. Existing law requires the commissioner to collect a late filing fee of $705 from an admitted insurer that fails to timely file these statements, and requires the commissioner to collect an additional late filing fee of $849 for each month or part thereof that an insurer continues to transact insurance without filing the required statements.This bill would increase the above-described late filing fees to $800 and $900, respectively.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 924 of the Insurance Code is amended to read:924. The commissioner shall collect a late filing fee of seven hundred five dollars ($705) eight hundred dollars ($800) from any admitted insurer that fails to make and file in the commissioners office within the time prescribed by law any statements or stipulations required by this code. After the first month, the commissioner shall also collect a late filing fee of eight hundred forty-nine dollars ($849) nine hundred dollars ($900) for each and every month or fractional part of a month thereafter that the insurer continues to transact the business of insurance until those statements and stipulations are filed.
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3	3	CALIFORNIA LEGISLATURE 20252026 REGULAR SESSION Senate Bill No. 583Introduced by Senator RubioFebruary 20, 2025 An act to amend Section 924 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTSB 583, as introduced, Rubio. Insurer financial statements. Existing law requires an insurer doing business in the state to file with the Insurance Commissioner various financial statements and forms at prescribed intervals. Existing law requires the commissioner to collect a late filing fee of $705 from an admitted insurer that fails to timely file these statements, and requires the commissioner to collect an additional late filing fee of $849 for each month or part thereof that an insurer continues to transact insurance without filing the required statements.This bill would increase the above-described late filing fees to $800 and $900, respectively.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
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9	9	CALIFORNIA LEGISLATURE 20252026 REGULAR SESSION
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11	11	Senate Bill
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13	13	No. 583
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15	15	Introduced by Senator RubioFebruary 20, 2025
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17	17	Introduced by Senator Rubio
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20	20	An act to amend Section 924 of the Insurance Code, relating to insurance.
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22	22	LEGISLATIVE COUNSEL'S DIGEST
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24	24	## LEGISLATIVE COUNSEL'S DIGEST
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26	26	SB 583, as introduced, Rubio. Insurer financial statements.
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28	28	Existing law requires an insurer doing business in the state to file with the Insurance Commissioner various financial statements and forms at prescribed intervals. Existing law requires the commissioner to collect a late filing fee of $705 from an admitted insurer that fails to timely file these statements, and requires the commissioner to collect an additional late filing fee of $849 for each month or part thereof that an insurer continues to transact insurance without filing the required statements.This bill would increase the above-described late filing fees to $800 and $900, respectively.
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30	30	Existing law requires an insurer doing business in the state to file with the Insurance Commissioner various financial statements and forms at prescribed intervals. Existing law requires the commissioner to collect a late filing fee of $705 from an admitted insurer that fails to timely file these statements, and requires the commissioner to collect an additional late filing fee of $849 for each month or part thereof that an insurer continues to transact insurance without filing the required statements.
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32	32	This bill would increase the above-described late filing fees to $800 and $900, respectively.
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34	34	## Digest Key
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36	36	## Bill Text
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38	38	The people of the State of California do enact as follows:SECTION 1. Section 924 of the Insurance Code is amended to read:924. The commissioner shall collect a late filing fee of seven hundred five dollars ($705) eight hundred dollars ($800) from any admitted insurer that fails to make and file in the commissioners office within the time prescribed by law any statements or stipulations required by this code. After the first month, the commissioner shall also collect a late filing fee of eight hundred forty-nine dollars ($849) nine hundred dollars ($900) for each and every month or fractional part of a month thereafter that the insurer continues to transact the business of insurance until those statements and stipulations are filed.
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40	40	The people of the State of California do enact as follows:
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42	42	## The people of the State of California do enact as follows:
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44	44	SECTION 1. Section 924 of the Insurance Code is amended to read:924. The commissioner shall collect a late filing fee of seven hundred five dollars ($705) eight hundred dollars ($800) from any admitted insurer that fails to make and file in the commissioners office within the time prescribed by law any statements or stipulations required by this code. After the first month, the commissioner shall also collect a late filing fee of eight hundred forty-nine dollars ($849) nine hundred dollars ($900) for each and every month or fractional part of a month thereafter that the insurer continues to transact the business of insurance until those statements and stipulations are filed.
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46	46	SECTION 1. Section 924 of the Insurance Code is amended to read:
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48	48	### SECTION 1.
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50	50	924. The commissioner shall collect a late filing fee of seven hundred five dollars ($705) eight hundred dollars ($800) from any admitted insurer that fails to make and file in the commissioners office within the time prescribed by law any statements or stipulations required by this code. After the first month, the commissioner shall also collect a late filing fee of eight hundred forty-nine dollars ($849) nine hundred dollars ($900) for each and every month or fractional part of a month thereafter that the insurer continues to transact the business of insurance until those statements and stipulations are filed.
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52	52	924. The commissioner shall collect a late filing fee of seven hundred five dollars ($705) eight hundred dollars ($800) from any admitted insurer that fails to make and file in the commissioners office within the time prescribed by law any statements or stipulations required by this code. After the first month, the commissioner shall also collect a late filing fee of eight hundred forty-nine dollars ($849) nine hundred dollars ($900) for each and every month or fractional part of a month thereafter that the insurer continues to transact the business of insurance until those statements and stipulations are filed.
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54	54	924. The commissioner shall collect a late filing fee of seven hundred five dollars ($705) eight hundred dollars ($800) from any admitted insurer that fails to make and file in the commissioners office within the time prescribed by law any statements or stipulations required by this code. After the first month, the commissioner shall also collect a late filing fee of eight hundred forty-nine dollars ($849) nine hundred dollars ($900) for each and every month or fractional part of a month thereafter that the insurer continues to transact the business of insurance until those statements and stipulations are filed.
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58	58	924. The commissioner shall collect a late filing fee of seven hundred five dollars ($705) eight hundred dollars ($800) from any admitted insurer that fails to make and file in the commissioners office within the time prescribed by law any statements or stipulations required by this code. After the first month, the commissioner shall also collect a late filing fee of eight hundred forty-nine dollars ($849) nine hundred dollars ($900) for each and every month or fractional part of a month thereafter that the insurer continues to transact the business of insurance until those statements and stipulations are filed.