Washington State: Insurers need to notify policyholders before rate hikes

March 28, 2023 by John Hilton

A new regulation proposed by Washington state Insurance Commissioner Mike Kreidler requires insurance companies to explain premium increases to their policyholders in “language they can understand.”

But an industry trade group says the effort contributes to the bureaucratic delays that threaten consumer access to insurance coverage.

Washington regulators say the number one complaint they hear is from consumers “is that their auto or homeowners insurance premium is increasing, and their insurance company has not explained why,” the Office of Insurance said in a news release.

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Originally Posted at InsuranceNewsNet on March 21, 2023 by John Hilton.