For Consumers

2024 legislative priorities

Legislative news

The priority of the Office of the Insurance Commissioner (OIC) this session is legislation to modernize Washington’s Insurer Holding Company Act. Additional updates on implementation of previous legislation and reports are below.

Modernizing the Insurer Company Holding Act (SB 6027 "Concerning the insurance holding company act")

The OIC is requesting legislation to update Washington’s Insurer Holding Company Act by adopting uniform standards for group capital calculations (GCCs) and liquidity stress tests (LSTs). Passing this bill would ensure Washington maintains its national accreditation by aligning with the National Association of Insurance Commissioners’ requirements and avoids interruptions in the state law. Specifically, the bill would: 

  • Implements GCC provisions to clarify accounting rules for international entities with significant operations in the United States and Europe. The GCC gives regulators another analytical tool for monitoring the capital of an insurance holding company group as a whole.
  • Offer provisions for LSTs, which help monitor group liquidity risks. This tool helps identify insurance groups with liquidity stress — an institution’s ability to meet obligations during financially tough stretches by measuring its liquidity profile. The tests help assess the impacts the financial markets would feel if a large number of insurers were impacted simultaneously.

The prime sponsor of SB 6027 is Sen. Stanford.

Implementation work from last session’s legislation

SSB 5338: Reviewing the state's essential health benefits

During the 2023 session, the Legislature passed Substitute Senate Bill (SSB) 5338: Reviewing the state's essential health benefits (leg.wa.gov). The OIC reviewed Washington's essential health benefits (EHB) benchmark plan and determined the potential impacts on qualified health plan design, actuarial values, and premium rates if certain services were included. A legislative report was delivered on Dec. 1 and a recommendation on next steps is due by Dec. 31, 2023.

Learn more about the essential health benefits benchmark plan.

SSB 5581: Developing strategies to reduce or eliminate deductibles for maternal support services and postpartum care

During the 2023 session, the Legislature passed Substitute Senate Bill (SSB) 5581: Developing strategies to reduce or eliminate deductibles for maternal support services and postpartum care (leg.wa.gov). The OIC is working on compiling strategies to reduce or eliminate deductibles for maternity care services, including prenatal care, delivery, and postpartum care.  A legislative report is due July 1, 2024.

Study on the affordability of healthcare

The OIC, in collaboration with the Office of the Attorney General, is studying approaches to improve health care affordability. A preliminary legislative report was delivered on Dec. 1 and a final legislative report is due Aug.1, 2024.

Learn more about health care cost affordability.