This statement can be attributed to
"Insurance agents, brokers, and companies stand united in strongly opposing the unilateral action taken by Washington Insurance Commissioner
"That is why APCIA, PIA, and the IIABW are pursing legal action to redress this abuse of authority. A petition for declaratory and injunctive relief was filed today in
"Commissioner Kreidler is attempting to prohibit an important risk-based rating tool that has been in place for nearly 20 years for the benefit of consumers. The Commissioner is attempting to circumvent the
"Commissioner Kreidler's arbitrary and capricious actions will harm more than a million of
"Most consumers save money when credit-based insurance scores are used to assess how much they pay for insurance. Insurance scores are not credit scores like the ones used by banks to offer loans or credit cards. Insurers use specific information about how consumers use credit as one factor to give consumers the most affordable and accurate rate. Many other factors go into how much you pay for insurance, but not race or income. Without these tools, insurance rates could go up for more than a million Washingtonians who are already struggling to pay bills during the COVID-19 pandemic recession.
"A new report by Lexis Nexis shows that, during the COVID-19 pandemic, credit-based insurance scores remained stable nationally and in
"Equally important, when a legislative solution was on the table to help consumers facing extraordinary life circumstances like financial setbacks due to COVID, Kreidler stood in the way, insisting on an 'all-or-nothing' ban.
"These actions exceed the statutory authority of the Commissioner, violate the separation of powers between the executive and legislative branches of government, and directly conflicts with several existing statutes, including those that regulate, but clearly allow, credit information to be considered by insurers.
"What's more, these regulations could cause significant market disruptions at a time when the business community is working together on long-term economic recovery. In the end, it is