Washington Enacts Premium Change Transparency Rule

Washington will require insurance companies to explain to policyholders why their premiums have gone up, reports My Northwest. Starting June 1, 2024, insurers will have to include a disclaimer on the first page of renewal notices and billings statements notifying policyholders they can request more details about their premium increase, and the insurer must respond within 20 days. Effective June 1, 2027, insurance companies will have to provide explanations automatically before renewing a policy with a 10 percent or more increase. The rule from the Washington State Insurance Commissioner’s office is reportedly the first of its kind in the country.