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Senate committee advances public hearing on bill directing study of credit history and other insurance rating factors
Summary
Lawmakers heard extended testimony on SB 5589, which would require the Office of the Insurance Commissioner to study insurers’ use of credit history and other rate factors and produce reports in 2025 and 2026; insurers and consumer groups urged different approaches to study design.
A Senate Business, Financial Services, Gaming & Trade Committee public hearing examined Senate Bill 5,589, which would require the Washington State Office of the Insurance Commissioner (OIC) to study insurers’ use of credit history, credit-based insurance scores and other rate factors used in determining personal insurance premiums and eligibility.
Senator Bob Hasegawa, prime sponsor of SB 5,589, told the committee the study is intended to determine whether the use of surrogate factors such as ZIP code, education or credit history produces unjust disparities in insurance pricing. "We want the information...to be able to ascertain whether or not there is disparities, within the insurance rating systems that are used," Hasegawa said.
The bill would require insurers to provide requested information…
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