Bill > HB2563

This bill requires insurers to provide clear and detailed written explanations for premium increases when renewing certain types of insurance policies, specifically homeowner and personal insurance policies. Upon a policyholder's written request, insurers must provide a straightforward explanation that helps the average policyholder understand why their premium has increased. The explanation must include up to four of the most significant factors contributing to the premium increase, which could include rating variables like driving record, vehicle storage location, claims history, age, property characteristics, and potential rate changes. Insurers must also include a prominent statement on renewal offers and invoices informing policyholders of their right to request an explanation of premium increases, and must respond to such requests within 20 days. The bill does not apply to certain types of insurance policies like health, life, or specialty vehicle insurance, and insurers are not required to disclose confidential information like insurance scoring models. The Department of Consumer and Business Services will develop rules to implement these requirements, and the bill will become operative on September 1, 2026, applying to policies renewed on or after that date.

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https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB2563