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Committee approves bill requiring consumer guide and premium comparisons on OIR website
Summary
Senate Bill 888, as amended, would require the Office of Insurance Regulation to publish a consumer-friendly guide and a comparison tool for annual homeowners insurance premiums; the committee reported the bill favorably with a strike-all amendment adopted on the floor.
Senate Banking and Insurance Committee — The committee adopted a strike-all amendment to Senate Bill 888 and then reported the bill favorably with committee substitute. Sponsor Senator Avila said the amendment requires the Office of Insurance Regulation (OIR) to create a publicly accessible consumer guide and a comparison tool for annual homeowners insurance premiums.
The amendment directs OIR to provide on a consumer-friendly website: rate-filing information, comparisons of annual homeowners insurance premiums by insurer, reinsurance costs, claims costs, defense and containment costs, fees and commissions, insurer profit and contingency, adverse findings, consumer services contact information, and educational resources. "This will help increase consumer trust in the insurance market by providing clearer, more accessible information on OIR's website," Avila said.
Senator Burton asked whether the site would provide quotes for particular properties; Avila replied the tool is meant to give consumers general comparative premium information rather than specific quotes. AARP's Karen Murillo was recorded as waiving in support.
Senator Boyd praised the concept and noted market stabilization and increasing choices for consumers. The committee recorded a roll call and reported SB 888 favorably with committee substitutes.
The amendment and sponsor statements place responsibility on OIR to design the consumer guide and comparison resources; the committee did not adopt prescriptive statutory technical specifications beyond items listed in the amendment. Sponsor Avila said OIR and committee staff worked together on the amendment language.
