IMPORTANT UPDATE
Overturned Credit Scoring Ban
An emergency ban on credit scoring to set insurance rates has been overturned by WA Judge, ending the eight-month ordeal
UPDATE: Within the last couple of days, a Washington Judge overturned the insurance commissioner’s credit scoring ban on setting rates. Judge Mary Sue Wilson determined that the Washington Insurance Commissioner did not have good cause to issue his emergency ban.
This is a huge win for insurers!
The commissioner’s emergency rule banning credit scoring resulted in higher premiums for more than one million Washington residents. The decision also impacted a huge number of senior citizens. A lot of them are on fixed incomes and became disproportionately, and negatively impacted.
There are still details to be worked out on how it is resolved.
Kreidler is still looking for ways to implement the ban. “I have authority to take continuing action to protect consumers from the insurance industry’s unjust, secretive and unrealistic method to determine what consumers pay to insure their vehicles and homes,” he wrote in a statement.
Read full article here.
We Are Your Advocate
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.
For more information on this now overturned ban, click here.
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 [email protected] and your agent will be in touch shortly.
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