Overview and history | Washington state Office of the Insurance Commissioner (2024)

FAQs

What is the role of the Washington state Insurance Commissioner? ›

Leading Washington as Insurance Commissioner

As Insurance Commissioner, Kreidler is responsible for regulating Washington's $30 billion insurance industry. He helped strengthen the market to give consumers more options while cutting excessive rate increases by insurers to save consumers over $310 million.

On Aug. 29, 2022, the court issued a final order overturning the ban on credit scoring and the commissioner has chosen not to appeal the decision. Your insurance company is allowed to use your credit to determine your insurance premium.

The commissioner shall so examine each insurer holding a certificate of authority or certificate of registration not less frequently than every five years.

Duties and powers of insurance commissioners

The purpose of insurance commissioners is to maintain fair pricing for insurance products, protect the solvency of insurance companies, prevent unfair practices by insurance companies, and ensure availability of insurance coverage.

Washington state Office of the Insurance Commissioner.

In 1907, we became a separate agency and the people of Washington elected their first insurance commissioner. Insurance commissioners are elected every four years. Washington has had eight insurance commissioners. View a list of past commissioners.

Whole life insurance commission rates

Insurance agents receive the highest commission rates for whole life insurance plans, often more than 100% of the total premiums for the policy's first year. The exact percentage depends on the age of the policyholder.

Yes. A federal law, the Fair Credit Reporting Act (FCRA), states insurance companies have a “permissible purpose” to look at your credit information without your permission. Insurance companies must also comply with state insurance laws when using credit information in the underwriting and rating process.

Does credit score affect insurance premiums? ›

In most states, car insurance companies are allowed to use credit scores during the underwriting process to determine a consumer's eligibility for coverage and to set policy rates. However, only four states—California, Hawaii, Maryland and Massachusetts—prohibit the use of any credit information.

An example of an unfair claim settlement practice would include: Trying to discourage a claimant from arbitrating a claim by implying that arbitration might result in an award lower than the amount offered is an unfair claim settlement practice.

An example of rebating is when the prospective insurance buyer receives a refund of all or part of the commission for the insurance sale. Rebates can be made in the form of cash, gifts, services, payment of premiums, employment, or almost any other thing of value.

The correct answer to the question "Which of the following is considered to be misrepresentation?" is b) An agent guaranteeing a policy's dividends. Misrepresentation refers to providing false or misleading information in order to influence someone's decision.

Insurance commissioners act as advocates for consumer protection, regulators of insurance, and educators who are able to provide consumers with information that pertains to the insurance system within a particular state.

Insurance commissioners are elected every four years. Washington has had eight insurance commissioners.

As a result, the Department of Insurance has changed its status to become the Office of Insurance Commission (OIC), an independent state agency and a juristic entity with a mission to regulate and develop insurance business and to protect the insurance benefits and rights of the people.

If you drive your car without the required insurance, you could receive a fine of $550 or more. If you are at fault in an automobile collision and you do not have insurance, your driver license may be suspended if you do not pay for the resulting damages and/or injuries.