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Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

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SB-583 • 2026

Insurer financial statements.

Insurer financial statements.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Rubio
Last action
2025-05-12
Official status
Referred to Com. on INS.
Effective date
Not listed

Plain English Breakdown

The official source material does not provide details about the bill's impact or how it might affect on-time filing rates, so these points are speculative.

Higher Late Filing Fees for Insurers

The bill increases the late filing fees that insurance companies must pay if they do not submit their financial statements on time.

What This Bill Does

  • Increases the initial late filing fee from $705 to $800.
  • Raises additional monthly late filing fees from $849 to $900 for each month or part of a month that an insurer continues to do business without submitting required statements.

Who It Names or Affects

  • Insurance companies doing business in the state
  • The Insurance Commissioner who collects these fees

Terms To Know

Insurer
A company that provides insurance to people or businesses.
Financial statements
Documents that show a company's financial situation, like profits and losses.

Limits and Unknowns

  • The bill does not specify how the extra money from late fees will be used.
  • It is unclear if this change will improve on-time filing rates for insurers.

Bill History

  1. 2025-05-12 California Legislative Information

    Referred to Com. on INS.

  2. 2025-04-24 California Legislative Information

    In Assembly. Read first time. Held at Desk.

  3. 2025-04-24 California Legislative Information

    Read third time. Passed. (Ayes 37. Noes 0. Page 887.) Ordered to the Assembly.

  4. 2025-04-22 California Legislative Information

    Read second time. Ordered to consent calendar.

  5. 2025-04-21 California Legislative Information

    From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.

  6. 2025-04-11 California Legislative Information

    Set for hearing April 21.

  7. 2025-04-09 California Legislative Information

    From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 7. Noes 0. Page 738.) (April 9). Re-referred to Com. on APPR.

  8. 2025-03-26 California Legislative Information

    Set for hearing April 9.

  9. 2025-03-05 California Legislative Information

    Referred to Com. on INS.

  10. 2025-02-21 California Legislative Information

    From printer. May be acted upon on or after March 23.

  11. 2025-02-20 California Legislative Information

    Introduced. Read first time. To Com. on RLS. for assignment. To print.

Official Summary Text

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.

Current Bill Text

Read the full stored bill text 
Download Bill PDF