Important Insurance Update
Credit Scoring Update
Please read this IMPORTANT notice.
On March 23, 2021, Washington State Insurance Commissioner, Mike Kreidler, issued an emergency order temporarily prohibiting insurers from using credit-based insurance scoring to help determine premiums and eligibility for coverage in private automobile, homeowners, and renter’s insurance products. This order is in effect for ALL insurance carriers and policyholders in WA state.
December 16, 2021 Update: Future of emergency credit ban unclear following Thurston County Superior court ruling.
Washington’s Thurston County Superior Court struck down the Washington State Office of the Insurance Commissioner’s (OIC) emergency rule which prohibited the use of credit scoring history in determining rates, premium, or coverage eligibility. Following a review of that ruling, Insurance Commissioner Mike Kreidler announced that his office will seek a permanent rule banning the use of credit scores for three years. This situation remains unclear.
Insurance companies are monitoring this situation closely and will take appropriate action as soon as the issue is resolved by either the OIC or the Washington State Legislature. Please contact us if you have any questions or if would like to review your current insurance policies
