The American Property Casualty Insurance Association (APCIA) issued the following statement in response to Washington Insurance Commissioner Mike Kreidler's press release reminding insurers of the May 6, 2021 deadline to file new rating plans to comply with his emergency regulation banning the use of credit-based insurance scores.
This statement can be attributed to Claire Howard, APCIA senior vice president, general counsel, and corporate secretary.
"Commissioner Kreidler has taken an extreme action that exceeds his authority, bypasses the legislature, and robs consumers of the benefits of a highly competitive private market. We continue to be disappointed that our motion for a preliminary injunction was denied last week.
"Insurers always follow the law and that will be no different in Washington. Insurers will comply with this unreasonable deadline and then begin to work with agents and brokers to explain why as a result of the Commissioner's action more than one million Washington consumers will face double digit rate increases on auto, homeowners, and renters insurance even though there has been no change in their individual risk profiles.
"We respectfully disagree with the court's preliminary decision, which we believe is unfair, unjust, and punitive for Washington customers who will now have to pay more for insurance solely because of Commissioner Kreidler's actions. We look forward to the next steps in the litigation process."
The American Property Casualty Insurance Association (APCIA) is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions--protecting families, communities, and businesses in the U.S. and across the globe.