Kreidler sends out Climate Risk Disclosure Survey to insurers

07/06/2023

OLYMPIA, Wash. — Washington state Insurance Commissioner Mike Kreidler sent out his annual Climate Risk Disclosure survey on June 30, requiring insurance companies with more than $100 million in written premiums in the United States in 2022 to respond. 

“This survey is a continuation of the work my office, and my fellow insurance regulators, have done to strengthen the industry to meet the threats presented by climate change,” Kreidler said. “The information we gather in this survey will benefit both the industry and consumers in a meaningful way.”

The current version…

Kreidler issues $40,863 in fines for violations in June

07/03/2023

OLYMPIA, Wash. — Insurance Commissioner Mike Kreidler issued fines in June totaling $40,863 against insurance companies and insurance producers who violated state insurance laws and regulations.

Unauthorized insurers

Drico Insurance Company, Salt Lake City, Utah; fined $1,000 (order 23-0133).

Drico, a nonresident captive insurer, transacted insurance business in Washington without being registered to do so by the OIC.

Christian Care Ministry, Melbourne, Fla.; fined $33,363 (order 22-0132).

Christian Care Ministry, Inc. acted as an unauthorized insurer by…

Rule adopted requiring insurers to tell you why your premium is going up

06/21/2023

OLYMPIA, Wash. — Washington state Insurance Commissioner Mike Kreidler has adopted a rule that requires insurance companies to explain premium increases to their policyholders in language they can understand. 

“If your insurance company is going to increase your premium, you have a right to know why,” Kreidler said. “This is pretty basic information you should expect from your insurance company, but we hear from hundreds of consumers every year who cannot get a clear, understandable answer on why they’re being charged more.”

When consumers’ auto or homeowners insurance…

Kreidler hosting workshop to address historic increase in auto insurance complaints

06/12/2023

OLYMPIA, Wash. — Claims denied without a suitable explanation. Frustrating delays in hearing back from insurance companies. Initial app-based repair estimates coming in thousands of dollars below the final cost.

Washingtonians have been filing complaints about their auto and homeowners insurance issues at a record pace, and Insurance Commissioner Mike Kreidler announced Monday he’s hosting a workshop next month to hear from consumers, insurers and other parties on the reasons for the increase. 

The Office of the Insurance Commissioner has reported a historic volume of…