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Bill > HB1748


WA HB1748

WA HB1748
Conducting a study of credit history, credit-based insurance scores, and other rate factors in making rates for personal insurance.


summary

Introduced
01/30/2025
In Committee
01/30/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT Relating to conducting a study of credit history, credit- 2 based insurance scores, and other rate factors that may disparately 3 impact Washington residents, in making rates for personal insurance; 4 creating a new section; and providing an expiration date. 5

AI Summary

This bill directs the Washington State Office of the Insurance Commissioner to conduct a comprehensive study examining how insurers use credit history, credit-based insurance scores, and other rating factors when determining personal insurance premiums, rates, and coverage eligibility. The study aims to understand whether these practices disparately impact Washington residents across different races, ethnicities, sexes, socioeconomic statuses, and national origins. The insurance commissioner will be required to collect data from insurance entities, contract with actuaries and consultants to analyze current rating practices, identify alternative rating factors that do not create disparate impacts, and evaluate the potential effects of different rating approaches on consumer costs and insurance availability. The commissioner must submit a preliminary report to legislative policy committees by December 31, 2025, and a final report by September 15, 2026, which will include policy recommendations about potentially allowing, prohibiting, or conditionally using credit history and other rating factors in personal insurance. The bill ensures the confidentiality of individual company data while allowing aggregate, anonymized findings to be publicly available, and the study provisions will expire on December 31, 2033.

Committee Categories

Business and Industry

Sponsors (21)

Last Action

House Committee on Consumer Protection & Business Public Hearing (13:30:00 2/12/2025 House Committee on Consumer Protection & Business) (on 02/12/2025)

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