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Committee hears bill to require insurers to explain renewal premium increases to consumers
Summary
The Senate committee heard testimony on House Bill 2563A, which would require insurers to provide written explanations to consumers when premiums increase at renewal for personal auto and homeowners policies, upon request.
The Senate Committee on Labor and Business held a public hearing on House Bill 2563A on May 15, 2025, to consider a measure requiring insurers to give consumers a clear, written explanation for any premium increase at policy renewal upon request.
Alex Chang, deputy administrator for the Division of Financial Regulation, said HB 2563A responds to frequent consumer complaints that insurers provide inadequate explanation for rate…
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