20250SB__058399INT INTRODUCED 2025-02-20 SB INT Introduced by Senator Rubio LEAD_AUTHOR SENATE Rubio

An act to amend

Section of the Insurance Code, relating to insurance. insurance 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. MAJORITY NO YES NO NO NO NO NO NO NO NO The people of the State of California do enact as follows:

SECTION 1.

Section of the Insurance Code is amended to read: 924. The commissioner shall collect a late filing fee of eight hundred dollars ($800) from any admitted insurer that fails to make and file in the commissioner’s 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 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.