Conducting a study of credit history, credit-based insurance scores, and other rate factors in making rates for personal insurance.
Summary
Requires the Office of the Insurance Commissioner (OIC) to conduct a study of insurers' use of credit history, credit-based insurance scores, other rate factors that may have disparate impacts on Washington residents, and alternatives to their use, for certain purposes.
Requires authorized insurers transacting personal insurance to provide requested information to the OIC, and provides for confidentiality, privilege, and a public records exemption for the data.
Authorizes the OIC to contract with actuaries and other consultants for the study.
Requires reports to the Legislature with findings, policy options, and recommendations.
From the Senate Bill Report (Orig.) (SB 5589), written by the Legislature's nonpartisan staff. Read the full report ↗
Did not passDid not pass · passed Senate, stalled in House
AN ACT Relating to conducting a study of credit history, credit-based insurance scores, and other rate factors that may disparately impact Washington residents, in making rates for personal insurance;