The Washington Office of the Insurance Commissioner published a news release providing information on new rules requiring transparency during insurance policy renewals.
The premium transparency rules were adopted in response to consumer complaints regarding increased premiums. The rule requires home and auto insurers operating in the state to explain to policyholders why their premiums have increased.
The rule requires that, if requested in writing by an insured, insurers must provide a clear explanation within 20 days of why premiums have increased. Renewal notices and billing statements are required to have a disclaimer informing insureds how to make a request.
The rule takes effect in March 2027. Starting November 2026, insurers must provide an email address where insureds can send their requests. Starting January 2029, insurers must explain any premium increase of 10 percent or more, regardless of whether the insured made a request.
The news release can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.