SB 583: Insurer financial statements.

California · Senate · 2025–2026 Regular Session · last verified December 7, 2025

What SB 583 does, verified December 7, 2025

The bill aims to amend the insurance code to increase late filing fees for insurers. Currently, admitted insurers that fail to file required financial statements are subject to a late filing fee of $705, with an additional $849 fee for each month or part thereof they continue to transact insurance without filing. The bill would increase these fees to $800 and $900, respectively.

Bill journey

✓IntroducedComplete

✓In CommitteeComplete

✓First Chamber FloorComplete

4Second ChamberCurrent

5GovernorPending

6ChapteredPending

Last action: Referred to Com. on INS. (2025-04-24)Alert me

Author and sponsors

Sen. Susan RubioAuthor · California State Senate

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Recent actions13 total · showing 5

May. 12, 2025	Referred to Com. on INS.
Apr. 24, 2025	Read third time. Passed. (Ayes 37. Noes 0. Page 887.) Ordered to the Assembly.
Apr. 24, 2025	Read third time. Passed. (Ayes 37. Noes 0.) Ordered to the Assembly.
Apr. 24, 2025	In Assembly. Read first time. Held at Desk.
Apr. 22, 2025	Read second time. Ordered to consent calendar.

Full action history, 8 earlier actionsConnect Plus

Latest bill textIntroduced version, February 20, 2025 · 262 words

CALIFORNIA LEGISLATURE— 2025–2026 REGULAR SESSION

Senate Bill

No. 583

Introduced by Senator Rubio

February 20, 2025

An act to amend Section 924 of the Insurance Code, relating to insurance.

LEGISLATIVE COUNSEL'S DIGEST

SB 583, as introduced, Rubio. 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.

Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO

The people of the State of California do enact as follows:

SECTION 1.

Section 924 of the Insurance Code is amended to read:

924.

The commissioner shall collect a late filing fee of ~~seven hundred five dollars ($705)~~ 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 ~~eight hundred forty-nine dollars ($849)~~ 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.

Text of SB 583 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions