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Rate Capping, Part 2 – Update

May 7, 2012

Insurance rate filingsThe Washington Office of the Insurance Commissioner (OIC) canceled the April 24, 2012, hearing on its proposed rate stability rules.  In its place, the OIC held a stakeholder meeting where a draft revision to the proposed rules was introduced.

According to the OIC, it received several comments in the weeks leading up to the scheduled rule hearing which caused it to reconsider the originally proposed policyholder disclosure requirements in the rule and make revisions.  Some insurers stated that requiring them to produce a different, custom form for each policyholder would be unduly burdensome.  Therefore, the OIC amended the disclosure section in the rule to now include a template notice that insurers may provide to each policyholder affected by premium capping rules.

A new CR-102, or proposed rule making order, will be re-issued by the Washington OIC shortly.  A rule hearing date has not yet been announced, but the OIC said it should be toward the end of May.  We encourage all insurers to read the proposed rules and submit written comments if necessary.  WSRB representatives will be attending the public hearing held at the OIC in Tumwater, WA, on the date announced.  Please check back here for an update on this topic after the hearing is held.

 

Article by: Jim Antush,  Actuarial Services Consultant

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