IMPORTANT UPDATE

New Mandated Credit Scoring Rule

 

 

 

Customer concerns about the Washington ban on insurance companies from considering credit information effective July 2021

 

UPDATE: As you may know, the new rule is in effect and questions are coming in from our clients. There are still 9 months left for this new rule to affect client renewals, and we want to collectively provide answers and solutions to best serve our clients.

A few of the concerns we are already hearing from clients:

1. Client: “This new rule upsets me.”
   BP: “Basin Pacific does not believe it is necessary, nor do we believe it to be in the best interest of Washington consumers and our clients. We encourage you to express your concern to the Public Affairs Team of the WA Office of Insurance Commissioner. Alternatively, you can contact Mike Kreidler directly.
2. Client: “This new quote is higher than last year.”
   BP: BP has at least 15 personal lines carriers and we’ll help you find the best solution.

This is an ongoing issue with the WA State Insurance Commitee. As of 9/20/21 the Senate solicited input for their hearing investigating the “emergency rule.” Another resource is a well written opinion in the Seattle Times by Mark Mullet, Chairman of the Senate Business, Financial Services & Trade Committee which oversees insurance issues, read here.

Check out our initial update for more info.

We Are Your Advocate

 

 

 

While we don’t feel this action is in the best interest of the consumer, carriers are required to comply with the new rule by July 2021. We want you to know, we will be reviewing your policies and working closely with you to mitigate any negative results of this decision. We are fortunate to be contracted with at least 15 personal lines carriers, which will help us find the best solution for you.

We would be happy to schedule a time to discuss any concerns or how this may impact your rates. Give us a call at 888-303-3230. As your insurance partner, we are committed to act as an advocate to protect what’s in your best interest. Thank you for choosing Basin Pacific Insurance.

Should you have any questions regarding your current coverage or want further information on these points, Basin Pacific Insurance is here for you. Contact us today at info@basinpacific.com and your agent will be in touch shortly.