Allowing property insurers to assist their insureds with risk mitigation goods or services.
Summary
Authorizes a property insurer to include goods and services intended to reduce either the probability of loss, or the extent of loss, or both, from a covered event as part of a policy of property insurance, other than commercial property insurance, with the prior approval of the Office of the Insurance Commissioner (OIC).
Limits the value of authorized goods and services to $1,500 per 12-month period, and authorizes the OIC to increase the limit through rule.
Specifies examples of authorized goods and services, and grants the OIC authority to identify additional authorized goods and services by rule and to generally adopt rules to implement the act.
Requires a rate filing by a property insurer to include information pertaining to any of the specific goods or services offered, with an exemption from this requirement for risk mitigation or prevention goods and services offered through a pilot program.
From the Substitute House Bill Report (SHB 2322), written by the Legislature's nonpartisan staff. Read the full report ↗