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Bill

Bill

SB 5949

Concerning taxes imposed on insurers operating within the state.

2025-2026 Regular Session Introduced by Noel Frame and 1 co-sponsor

SB 5949 restructures Washington State's insurance company tax framework, advancing through committee with majority support but uncertain impacts on premiums and state revenue.

Passed to Rules Committee for second reading.
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Bill Summary · SB 5949

Legislative bill overview

SB 5949 modifies the tax structure imposed on insurance companies operating in Washington State. The bill has advanced through the Senate Ways & Means Committee with a majority recommendation to pass a substitute version, though it faced minority opposition.

Why is this important

Insurance taxes directly affect insurance premiums and the cost of coverage for consumers and businesses. Changes to insurer taxation can influence market competition, coverage availability, and ultimately what Washingtonians pay for auto, health, property, and other insurance products.

Potential points of contention

  • Revenue impact: The bill's specific tax rate changes and estimated state revenue effects are not detailed in available information, making it unclear whether this generates new revenue or reduces insurer obligations
  • Market competitiveness: Tax changes could affect insurance affordability and market entry for smaller insurers versus large national carriers differently
  • Definition of taxable activity: The substitute bill language may narrow or expand what insurance activities are subject to taxation, creating winners and losers among different insurance segments

Compiled from official sources — confirm details with the bill’s official record.

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