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OLYMPIA, Wash. ? A?new regulation?proposed by Washington state Insurance Commissioner Mike Kreidler 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,? said Insurance Commissioner Mike Kreidler. ?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 straight answer on why they?re being charged more.?
Our proposed rule creates more transparency for consumers and gives the insurers sufficient time to implement these new consumer protections in two phases.?
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