Washington State Insurance Commissioner Mike Kreidler has adopted a rule that requires insurance companies to explain premium increases to their policyholders in language they can understand. “If your insurance company is going to increase your premium, you have a right to know why,” Kreidler said. “This is pretty basic information you should expect from your insurance company, but we hear from hundreds of consumers every year who cannot get a clear, understandable answer on why they’re being charged more.” The Washington Office of the Insurance Commissioner (OIC) held five meetings with interested parties over the last year to understand why providing better transparency on premium changes was needed and to hear from the insurers directly.
