California SB583 increases late filing fees for insurers who fail to submit required financial statements.

California SB583 amends Section 924 of the Insurance Code to increase the late filing fees for insurers. The commissioner will now collect a fee of $800 for the initial late filing and $900 for each subsequent month or fraction of a month that an insurer fails to submit required financial statements. This change aims to ensure timely compliance with regulatory requirements.

California SB583 increases late filing fees for insurers who fail to submit required financial statements.

California SB583 amends Section 924 of the Insurance Code to increase the late filing fees for insurers. The commissioner will now collect a fee of $800 for the initial late filing and $900 for each subsequent month or fraction of a month that an insurer fails to submit required financial statements. This change aims to ensure timely compliance with regulatory requirements.