Insurance Consumers in Washington State Can Breathe Easy Again; Proposed CBIS Ban Bill Dead In Legislature, NAMIC Comments
“NAMIC applauds the Washington State Legislature for protecting insurance consumers from a proposed ban on the use of credit-based insurance scoring in underwriting and rating of homeowners’ insurance.
“NAMIC, in conjunction with other stakeholders in the insurance industry, educated members of the House Business and Financial Services Committee about how every state and federal study on CBIS has found that it is a fair, accurate, and reliable tool for predicting the frequency and severity of a consumer’s insurance claims exposure.
“During testimony to the House committee, it was pointed out by the industry that the vast majority of consumers benefit from the use of CBIS and that the proposed legislative ban would adversely impact a substantial number of Washington insurance consumers.”
Contact: Lisa Floreancig
Public Affairs Director - State & Policy Affairs