OLYMPIA, Wash. – Insurance Commissioner Mike Kreidler issued an emergency rule today prohibiting insurers from using credit scoring to set rates for personal property for three years.
This immediate, but temporary, response is necessary to prevent discriminatory pricing in auto, renters and homeowner insurance in anticipation of the end of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act expires 120 days after the president declares an end to the national emergency caused by the coronavirus pandemic.
“The insurance industry’s…