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House requires insurers to disclose top factors behind renewal premium increases on request
Summary
House Bill 2563A passed, requiring insurers to provide policyholders—on request—with the top four factors driving rate increases on renewals for certain personal lines, explained in clear nontechnical language.
The House passed House Bill 2563A, a consumer-disclosure measure that requires insurers, upon request, to provide the top four factors that most influenced a premium increase when a homeowner or certain personal insurance policies are renewed.
Representative Chi Chi, carrying the bill for the Department of Consumer and Business Services (DCBS) as an agency-request measure, described it as an answer to frequent constituent inquiries…
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