For Consumers

Kreidler-requested bill strengthens state oversight of life insurance

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April 1, 2016

OLYMPIA, Wash. – Gov. Jay Inslee yesterday signed Senate Bill 5180, enacting a national model law that gives Insurance Commissioner Mike Kreidler more tools to ensure that companies selling life insurance in Washington state are better able to provide expected benefits.

“I thank the Legislature and Gov. Inslee for enabling us to better protect consumers,” Kreidler said.

The bill’s enactment also means that Kreidler’s office will continue to meet accreditation requirements set by the National Association of Insurance Commissioners. Kreidler requested the measure in previous sessions. The Legislature approved it during the recently completed 2016 legislative session.

“I thank the Legislature and Gov. Inslee for enabling us to better protect consumers,” Kreidler said.

Washington joins 39 other states, including California, that have adopted the model law.

The legislation benefits consumers in three distinct ways:

  • Helps ensure that consumers are paying the appropriate price for the life insurance coverage provided.
  • Helps insurance companies develop appropriate financial reserves for new life insurance products.
  • Strengthens the oversight ability of Kreidler’s office to ensure that life insurers will be able to fulfill their promises to consumers.

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