On Monday, Washington Insurance Commissioner Mike Kreidler issued a second request to insurers for information concerning the impact on consumer premiums after the removal of credit as a rating factor for auto, homeowners, and renters policies. His first request, given in late November 2021, brought only twelve responses. Of those twelve insurers, a vast majority of their consumers saw a premium increase or decrease between $0 and $300, with more people experiencing an increase than a decrease.
The announcement from the Office of the Insurance Commissioner (OIC) included a statement from Kreidler that "[t]he information I've requested is not trade secret. I simply want them to show me how this rule has impacted their policyholders and how they communicated the change to them. I'm beginning to wonder what they don't want me or the public to see."
Insurers must respond by January 31, 2022.
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