State commissioner sends a warning to the insurance industry

July 14, 2015July 11, 2015 Logan B.

seattle washington health insurance rates industry

Insurers practicing price optimization could be running afoul of state law Washington Insurance Commissioner Mike Kreidler has issued a warning to insurance companies concerning using the personal data of customers to price coverage. In a “Technical Assistance Advisory” notice sent to property and casualty insurers operating in the state, the commissioner suggested that the practice of “price optimization” is illegal throughout Washington. Price optimization is the process of using non-insurance data, as well as other information, in order to affect the cost of insurance coverage. Price optimization may be having…

Insurance companies in three states required to provide their response plans for climate change

February 4, 2012May 5, 2013

The insurance commissioners for New York, California, and Washington state have announced that they will now be requiring insurers to disclose a climate change response plan that will outline the way in which they plan to respond to the changing risks that customers and businesses face as wildfires, severe storms, and rising sea levels become more common. Until now, those three states have asked only about a third of the larger insurance companies to provide information in the form of responses to a survey, but for all other insurers, it…