Insurance news from Washington state includes Commissioner testifying in support of HB1212

Insurance news Mike Kreidler, Washington Commissioner

Mike Kreidler has announced that he has testified against of the use of credit scores by insurers. The latest insurance news out of Washington is that Mike Kreidler, the state’s commissioner, testified on January 30 as a reflection of his support of a new bill that is a bipartisan initiative to stop insurers from being able to use credit information to calculate homeowners policy premiums. House Bill 1212 separates homeowners coverage from the current Washington law restricting credit history use. The current regulations within the state limit the extent to…

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Report shows that nearly 1 million Washington residents do not have any health insurance

Washington’s Insurance Commissioner, Mike Kreidler, has released a new report showing the large gap between state residents who have health insurance and those that do not. According to the report, the number of people without health insurance will reach 1 million by the end of this year. Between the periods of 2008 and 2010, the number of those without insurance coverage rose by 180,000. Commissioner Kreidler attributes the problem to a stagnating economy and an aging population. The report notes that hospitals and health care professionals throughout the state are…

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Oregon’s Regence Group draws the attention of regulators from four states

Oregon insurance regulators have set their sights of the Regence Group, which is part of the Blue Cross Blue Shield insurance group. Mike Kreidler, the state’s Insurance Commissioner, has accused the insurance company of several severe failures that have impacted the lives of thousands of policyholder and even people that are not affiliated with the company in any way. The violations are so serious that Kreidler has issued an order for the company to draft a plan to correct the issues, which is due by the end of this month.…

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Washington launches new website bringing more transparency to the insurance industry

The Washington Department of Insurance has launched a new website that allows consumers to review rate proposals from the state’s insurers. The website is the brainchild of Insurance Commissioner Mike Kreidler, who has been an advocate for transparency in the insurance industry for many years. The Department of Insurance had been awarded with federal grants to build the site a month ago. The site was completed and launched late last week and has already been updated with information on pending proposals. The website was made possible by House Bill 1220,…

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Washington fines insurers for undisclosed rate changes

Insurance Companies Under Audit

Six insurance companies have been targeted for fines by state insurance commissioner, Mike Kreidler. He has ordered the companies to pay a total of $534,000 after an investigation found that the companies frequently failed to document rate changes in their commercial policies only. The companies write business for personal and commercial risks and are subsidiaries of New Jersey company, Chubb & Son. Companies cited: Federal Insurance Company Pacific Indemnity Company Great Northern Insurance Company Executive Risk Indemnity, Incorporated Last November, Kreidler threatened to suspend the companies for nine month, but the…

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