Washington Office of the Insurance Commissioner (OIC) Issues Data Call on Impact to Premiums After ban on the Use of Credit-Based Insurance Scoring

Washington Office of the Insurance Commissioner (OIC) Issues Data Call on Impact to Premiums After ban on the Use of Credit-Based Insurance Scoring

 

On December 6, 2021, the Washington Office of the Insurance Commissioner (OIC) issued a data call to request information about consumers' premiums after they removed credit as a rating factor. The data call is applicable to authorized insurance companies that wrote over $1,000,000 in annual premium for homeowner, renter, and private passenger automobile insurance in 2021. Each property & casualty insurance company should complete the provided premium impact histogram worksheet reflecting the insureds’ premium change experience at renewal and provide sample language used by the company to notify insureds of the emergency rule prohibiting the use of credit history in homeowner, renter, and private passenger automobile (PPA) rating and eligibility of coverage (R2021-02 and R2021-19).

The Commissioner requests the survey and sample language be submitted by 5:00 pm no later than Monday, December 20, 2021. The response is to be submitted electronically to rulescoordinator@oic.wa.gov.

Questions should be directed to the Office of the Insurance Commissioner staff, David Forte, at DavidF@oic.wa.gov.

 

Link to Bulletin