A invoice that may create a research on the influence of insurance coverage ranking elements in Washington, together with credit score historical past, is transferring via state Legislature.
Senate Invoice 5589 has handed out of committee within the Washington State Senate. The invoice was launched by Insurance coverage commissioner Patty Kuderer and sponsored by state Sen. Bob Hasegawa, D-Seattle.
The invoice would allow the commissioner’s workplace to research how insurance coverage firms use credit score historical past and credit-based insurance coverage scores to know premiums for traces of insurance coverage like householders and auto.
Kuderer has raised concern in regards to the reliance on algorithms and knowledge figuring out premiums. The research would additionally take a look at elements that invoice proponents consider may create unfair discriminatory boundaries for particular teams of residents.
The trouble seems to choose up the place Washington Insurance coverage Commissioner Mike Kreidler left off. He created a controversial rule banning credit score scoring in insurance coverage underwriting, which was challenged in court docket.
The invoice requires a preliminary report back to be submitted to the Legislature by Dec. 31.
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