HB 1220 allows the state insurance commissioner to publicize information that insurance companies provide about reasons for premium rate increases. Prior to the new law, the insurance commissioner’s office would receive hundreds of inquiries regarding the reasons for rate increases, according to the report.
Mike Kreidler, Washington’s Insurance Commissioner, first proposed the legislation to increase transparency of insurance. Oregon has a similar law in place making proposals for rate increases available to the public.
According to the report, public information on rate increases could slow the increase in insurance premiums by holding insurance companies accountable for cost projections.
Read the News Tribune report on Washington insurance transparency.
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