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Bill to study impact of insurance rating factors moves out of committee
 

 

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OLYMPIA, Wash. — A senate bill proposing a study of the impact of rating factors, including credit history passed out of committee in the Washington State Senate on Thursday.

Senate Bill 5589 [ [link removed] ], proposed by Washington State Insurance Commissioner Patty Kuderer and sponsored by Sen. Bob Hasegawa (D – Seattle), requires Kuderer’s office to conduct a study on how insurance companies use credit history, credit-based insurance scores and other rate factors that may have disparate impacts on Washington residents. The study would also explore alternatives to credit scoring that companies could use in determining premiums.

“Insurers are relying more and more on algorithms and big data to determine someone’s premium and if they will even insure someone,” Kuderer said. “They claim it helps them predict who will file a claim and that may be true. But as the regulator, it’s my duty to ensure that insurers’ behavior is not discriminatory. Until we have concrete data from the Washington state market, we won’t be certain.”

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