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Bill

Bill

SB 6027

Concerning the insurance holding company act.

2023-2024 Regular Session Introduced by Patty Kuderer and 2 co-sponsors

SB 6027 modifies Washington's insurance holding company regulatory framework, affecting how parent companies oversee insurance operations statewide effective June 2024.

Effective date 6/6/2024.
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WeVote Research Nonpartisan
Bill Summary · SB 6027

Legislative bill overview

SB 6027 amends Washington's insurance holding company act, which governs corporate structures where insurance companies operate under parent companies. The bill, signed into law in March 2024, modifies regulatory requirements and oversight mechanisms for these holding companies, with an effective date of June 6, 2024.

Why is this important

Insurance holding company regulations directly affect how insurance companies can be organized, financed, and controlled—ultimately impacting consumer protections, market stability, and the financial soundness of insurers. Changes to these rules can influence insurance pricing, availability, and the state's ability to monitor risks within the insurance industry.

Potential points of contention

  • Regulatory scope adjustments: The specific modifications to holding company requirements may either strengthen or weaken state oversight, depending on whether rules were relaxed or tightened
  • Competitive impact: Changes could advantage larger multi-state insurers versus smaller regional competitors, affecting market dynamics
  • Consumer protection balance: Streamlined regulations may improve business efficiency but could reduce certain safeguards if reporting or solvency requirements were reduced

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

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