Washington State Credit Ban Information
Emergency Order Impacts all Washington State Insurance Policy Holders! On March 23rd, our WA Insurance Commissioner (OIC), Mike Kreidler, issued a 120-day, temporary emergency order, prohibiting all insurance companies from using credit scoring as a rating factor for insurance premiums. Beginning June 20th, to continue doing business in Washington State, the order mandates all insurance companies to file a neutral rating in place of an individually tiered score by May 6th. Our carriers are working as quickly as possible to meet this demand to remain in compliance and to reduce the anticipated impact. How will this order impact you? Credit scores are one factor of many, insurance carriers use to formulate their “insurance score,” which correlates with forecasting claims and subsequently how they establish premium rates. If [...]