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Approval by Washington state voters of a measure increasing damages for bad-faith activity by an insurer would raise insurance rates for businesses and families up to $650 million annually, according to a research firm.

The study with that estimate from Milliman Inc. was sponsored by a group opposing Bill 5726, the Insurance Conduct Act, which was signed into law in May. It was placed on hold pending the outcome of Referendum 67, the ballot question on the measure.

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