Some insurance companies are offering "accident forgiveness" as an option or to keep a valued customer.
Here, courtesy of the National Assocation of Insurance Commissioners, are some explanations and tips:
What is accident forgiveness?
Accidents can mean expensive repair and liability costs, and lead to higher premiums. Accident forgiveness means that an insurer agrees not to increase a customer ’s premium after the driver is involved in an at-fault accident. It is an enticing perk that many insurance companies offer either as part of a standard policy to loyal customers or as an additional endorsement that drivers with a safe driving record can purchase. Some companies also use it as an incentive to new customers for switching from another insurer. Insurers will often even extend the option to parents of teenage drivers.
While accident forgiveness can seem like a “free pass,” it’s important for consumers to understand the conditions and limitations associated with this option:
1. Is there a cost involved?
In some cases, accident forgiveness is included as part of a standard car insurance policy; however, you will typically pay a higher premium for a policy that includes this added protection. More often, accident forgiveness is offered as an additional endorsement – or coverage option – for a fee. Costs vary by insurer, so check with your current insurer as well as a few others if you’re looking for the best deal.
2. Who is eligible?
As with cost, eligibility may vary by insurer. Typically, qualification for accident forgiveness protection is based on two factors:
• Customer loyalty: Many insurers only offer accident forgiveness to customers who have been insured with the company for a certain number of years.
• Driving record: To qualify for the benefit, many insurers require that drivers have a clean driving record for several years. Not only will insurers look at your accident history, but some consider driving violations as well. That means that one speeding ticket could impact your eligibility.
3. Are all accident forgiveness policies created equal?
In a word, no. Policy conditions can vary greatly. Some policies require you to maintain a clean driving record for up to five years before you become eligible for accident forgiveness. With other policies, the coverage kicks in immediately. Similarly, some policies offer forgiveness for one accident while others forgive multiple accidents.
4. Does accident forgiveness make sense for you?
After an accident, insurers can raise your premiums by as much as 40 percent. If you are a safe driver who pays standard rates, then depending on the cost, accident forgiveness might not make sense for you. But if you have a history of violations and accidents and already pay higher rates, then opting for the benefit might help you save money in the long run. Talk with your insurance company or agent to learn more about how your rates might be affected by an accident.
In Washington, state rate reviews have shaved $300 million from auto, homeowners premiums
Rate reviews by the Washington state insurance commissioner’s office have shaved more than $300 million from Washingtonians’ auto and homeowners insurance bills over the past decade.
“Few people know about this process, but it’s a crucial part of our consumer-protection role,” said Insurance Commissioner Mike Kreidler. “By carefully vetting requested rate increases, we save people substantial money on their premiums.”
In order to change rates, some insurers in Washington must get approval from the state insurance commissioner’s office. The companies produce data and calculations showing their justification for the requested rate. The state’s actuaries then review the request.
Each request is viewed on a case-by-case basis. Some are approved as requested. But many of the approved rates end up lower than what the companies originally requested. The changes can save policyholders millions of dollars a year.
For example, from 2000 through Nov. 30, 2009, rate reviews by the Office of the Insurance Commissioner trimmed more than $55 million from proposed homeowners’ insurance rates.
“Few people know about this process, but it’s a crucial part of our consumer-protection role,” said Insurance Commissioner Mike Kreidler. “By carefully vetting requested rate increases, we save people substantial money on their premiums.”
In order to change rates, some insurers in Washington must get approval from the state insurance commissioner’s office. The companies produce data and calculations showing their justification for the requested rate. The state’s actuaries then review the request.
Each request is viewed on a case-by-case basis. Some are approved as requested. But many of the approved rates end up lower than what the companies originally requested. The changes can save policyholders millions of dollars a year.
For example, from 2000 through Nov. 30, 2009, rate reviews by the Office of the Insurance Commissioner trimmed more than $55 million from proposed homeowners’ insurance rates.
"Reputational risk" insurance follow-up: Researchers put a price tag on the Tiger Woods scandal
Two weeks ago, we mentioned that idea of "reputational risk" insurance being floated in the wake of the Tiger Woods scandal.
But how to measure the damage? This is not like, say, a fire, where an insurer can simply tally up structural damage and replacement cost of contents.
Well, yesterday two professors from the University of California, Davis attempted to put a price tag on the damage, and the number's pretty astounding.
Professors Christopher Knittel and Victor Stango estimate that shareholders in the companies that Woods endorsed lost a total of $5 billion to $12 billion in value in the time between his much-publicized SUV crash and his announcement that he was leaving golf indefinitely. And those calculations don't include losses to Wood's current- or future endorsement income.
Interestingly, the researchers concluded that Woods' sports-related endorsees suffered substantially more economic damage than non-sports companies, like business consultant Accenture.
But how to measure the damage? This is not like, say, a fire, where an insurer can simply tally up structural damage and replacement cost of contents.
Well, yesterday two professors from the University of California, Davis attempted to put a price tag on the damage, and the number's pretty astounding.
Professors Christopher Knittel and Victor Stango estimate that shareholders in the companies that Woods endorsed lost a total of $5 billion to $12 billion in value in the time between his much-publicized SUV crash and his announcement that he was leaving golf indefinitely. And those calculations don't include losses to Wood's current- or future endorsement income.
Interestingly, the researchers concluded that Woods' sports-related endorsees suffered substantially more economic damage than non-sports companies, like business consultant Accenture.
Insurance news: CA workers-comp deal falters, unusual auto sting in PA, and couple allegedly fakes husband's death in life-insurance scam
In California, the state's bid to sell off part of its workers compensation fund has collapsed amid a legal tug-of-war, the LA Times reports.
The New York Times editorializes on "the case for reform" of health care.
An unusual auto-insurance sting took place in Pennsylvania, where 24 people were arrested for alleged fraud. Most of them were allegedly New Yorkers who were saving an estimated $1k to $4k a year on auto insurance by claiming that they lived in Pennsylvania. Insurance Journal has the story.
National Underwriter reports that insurers are sweating proposals to cut crop insurance.
Korea Times reports on the case of a couple who allegedly faked the husband's death -- including videotaping his fake cremation -- in an alleged life-insurance scam. He's been arrested.
Locally here in WA, the Tri-City Herald and (Tacoma) News-Tribune reported on rising numbers of people with no health insurance, as did the Vancouver Columbian.
The New York Times editorializes on "the case for reform" of health care.
An unusual auto-insurance sting took place in Pennsylvania, where 24 people were arrested for alleged fraud. Most of them were allegedly New Yorkers who were saving an estimated $1k to $4k a year on auto insurance by claiming that they lived in Pennsylvania. Insurance Journal has the story.
National Underwriter reports that insurers are sweating proposals to cut crop insurance.
Korea Times reports on the case of a couple who allegedly faked the husband's death -- including videotaping his fake cremation -- in an alleged life-insurance scam. He's been arrested.
Locally here in WA, the Tri-City Herald and (Tacoma) News-Tribune reported on rising numbers of people with no health insurance, as did the Vancouver Columbian.
Unlicensed jewelry service contract company makes things right with OIC
Zale Delaware Inc., a company connected to Zales Jewelers, Gordon Jewelers and Piercing Pagoda, and the Office of the Insurance Commissioner recently agreed that Zale would pay $300,000 fine and more than $290,000 in unpaid premium taxes for unauthorized sales of service contracts for jewelry repairs. Companies pay a 2 percent premium tax on all service contracts, which is deposited into the state’s general fund. All disciplinary fines are also deposited into the state’s general fund.
Zale sold more than 425,000 jewelry service contracts worth $14.5 million to Washington consumers from 1999-2013 without being licensed. Washington state law requires that all service contract providers be registered with the Insurance Commissioner; the law took effect in 1999 as a way to protect consumers. Zale self-reported to our office that it was selling the contracts without being licensed, and it agreed to suspend further sales until it could comply with state law.
Like insurance companies, companies that sell service contracts assume a certain level of risk and it’s our job to make sure they are able to provide consumers the service they paid for when they purchase the contract.
Noteworthy in this case is that the company approached our office in order to comply with state law. Often, we find out about unlicensed service contract sales from consumer complaints. It is unusual for a company to approach us in the interest of following the law. Zale agreed to pay the fine and the premium tax within 30 days.
Zale sold more than 425,000 jewelry service contracts worth $14.5 million to Washington consumers from 1999-2013 without being licensed. Washington state law requires that all service contract providers be registered with the Insurance Commissioner; the law took effect in 1999 as a way to protect consumers. Zale self-reported to our office that it was selling the contracts without being licensed, and it agreed to suspend further sales until it could comply with state law.
Like insurance companies, companies that sell service contracts assume a certain level of risk and it’s our job to make sure they are able to provide consumers the service they paid for when they purchase the contract.
Noteworthy in this case is that the company approached our office in order to comply with state law. Often, we find out about unlicensed service contract sales from consumer complaints. It is unusual for a company to approach us in the interest of following the law. Zale agreed to pay the fine and the premium tax within 30 days.
Ride-sharing businesses cause confusion among consumers
Ride-sharing through Transportation Network Companies (TNCs), including Lyft, Uber and Sidecar, are causing a stir nationwide from an insurance perspective. These services are available to consumers through a smartphone app and allow drivers in certain cities to use their personal vehicles to give people rides, like a taxi.
A handful of states have issued consumer notices about these companies, including California, Hawaii, Ohio and, most recently, Connecticut. The debate revolves around when drivers and passengers are covered in a collision. Most personal auto policies have an exclusion for “livery,” which means times when drivers are being paid to transport people. In that case, the drivers would need a supplemental policy to cover the commercial use of their vehicles.
Today, a TNC called Lyft announced it is partnering with MetLife insurance to “develop insurance solutions that further protect Lyft’s drivers and passengers when utilizing this new sharing economy platform.” However, that’s about all the information that appears to be available at this time.
The TNCs advertise their own liability policies for drivers. Here’s an example from Lyft: “The Lyft platform now provides drivers with excess liability insurance up to $1,000,000 per occurrence.” Uber seems to offer a similar policy. Sidecar offers a little more information on its site, including a disclaimer that its $1 million policy “is liability only and does not provide coverage for collision, comprehensive, or wear and tear damage to a driver’s vehicle.”
Lyft is available in Seattle and recently announced it is expanding into Spokane. Uber is available in Tacoma, Seattle and Spokane. Sidecar is available only in Seattle.
This issue is sure to stick around as more consumers start using ride-sharing services. The Seattle City Council is currently considering how to regulate TNCs. You can read about one Seattle blogger’s experience with Lyft when he was involved in a collision.
A handful of states have issued consumer notices about these companies, including California, Hawaii, Ohio and, most recently, Connecticut. The debate revolves around when drivers and passengers are covered in a collision. Most personal auto policies have an exclusion for “livery,” which means times when drivers are being paid to transport people. In that case, the drivers would need a supplemental policy to cover the commercial use of their vehicles.
Today, a TNC called Lyft announced it is partnering with MetLife insurance to “develop insurance solutions that further protect Lyft’s drivers and passengers when utilizing this new sharing economy platform.” However, that’s about all the information that appears to be available at this time.
The TNCs advertise their own liability policies for drivers. Here’s an example from Lyft: “The Lyft platform now provides drivers with excess liability insurance up to $1,000,000 per occurrence.” Uber seems to offer a similar policy. Sidecar offers a little more information on its site, including a disclaimer that its $1 million policy “is liability only and does not provide coverage for collision, comprehensive, or wear and tear damage to a driver’s vehicle.”
Lyft is available in Seattle and recently announced it is expanding into Spokane. Uber is available in Tacoma, Seattle and Spokane. Sidecar is available only in Seattle.
This issue is sure to stick around as more consumers start using ride-sharing services. The Seattle City Council is currently considering how to regulate TNCs. You can read about one Seattle blogger’s experience with Lyft when he was involved in a collision.
Climate change and your insurance
Growing evidence suggests that climate change is worsening through droughts and other severe weather events, such as hurricanes, tornadoes, and floods. These natural disasters can destroy homes, cars, businesses and crops, leading to more and larger insurance claims.
As a result, insurers in some parts of the country have stopped offering coverage, and others have limited what they cover. It’s also meant higher insurance premiums that many people cannot afford, leaving them uninsured or underinsured.
Commissioner Kreidler doesn’t want to see that happen in Washington state. He believes we must take action today to make sure we are protected in the future.
As a result, insurers in some parts of the country have stopped offering coverage, and others have limited what they cover. It’s also meant higher insurance premiums that many people cannot afford, leaving them uninsured or underinsured.
Commissioner Kreidler doesn’t want to see that happen in Washington state. He believes we must take action today to make sure we are protected in the future.
Climate change taken seriously by government, insurers
Doubters of the science on climate change and its effects on the nation and in the Pacific Northwest should be chastened by the third U.S. National Climate Assessment that the White House released this week.
It’s noted as the most comprehensive scientific assessment of climate change and its effects. Changes in snowmelt, more wildfires, rising sea levels and more findings are included in the assessment about the Northwest. The news is sobering.
But as Gov. Jay Inslee notes, efforts are being made in Washington to mitigate climate change -- reducing carbon emissions, investing in renewable energy, boosting fuel efficiency standards for vehicles and constructing buildings that use less power, among other things.
The insurance industry long ago determined that climate change is real, as noted most recently in the 2013 climate risk survey of over 1,000 insurers in Washington, California, Connecticut, Minnesota and New York.
Commissioner Mike Kreidler is chair of the National Association of Insurance Commissioners working group on Climate Change and Global Warming. This group regularly reviews how climate change affects insurers and the way they do business.
While Commissioner Kreidler maintains a continuing focus on reforms to the nation’s health care system, he’s also been a longtime advocate of protecting the environment for future generations. Insurance has a role, as he mentions in an article he wrote for the United Nations.
It’s noted as the most comprehensive scientific assessment of climate change and its effects. Changes in snowmelt, more wildfires, rising sea levels and more findings are included in the assessment about the Northwest. The news is sobering.
But as Gov. Jay Inslee notes, efforts are being made in Washington to mitigate climate change -- reducing carbon emissions, investing in renewable energy, boosting fuel efficiency standards for vehicles and constructing buildings that use less power, among other things.
The insurance industry long ago determined that climate change is real, as noted most recently in the 2013 climate risk survey of over 1,000 insurers in Washington, California, Connecticut, Minnesota and New York.
Commissioner Mike Kreidler is chair of the National Association of Insurance Commissioners working group on Climate Change and Global Warming. This group regularly reviews how climate change affects insurers and the way they do business.
While Commissioner Kreidler maintains a continuing focus on reforms to the nation’s health care system, he’s also been a longtime advocate of protecting the environment for future generations. Insurance has a role, as he mentions in an article he wrote for the United Nations.
The Office of the Insurance Commissioner
The Office of the Insurance Commissioner (OIC) is recruiting to fill a Functional Program Analyst 3 position in the Rates and Forms division located in Tumwater, Washington. The position will report to the Health & Disability Manager and will be responsible for the following:
1. Protecting consumers by reviewing insurance policy forms (contracts) to ensure they comply with state laws and rules and applicable federal requirements;
2. Assisting insurers to promptly obtain approval to market insurance products; and,
3. Providing quality service to customers.
The Office of the Insurance Commissioner (OIC) operates under the direction of the state's Insurance Commissioner, a statewide elected official. The agency's mission is consumer protection and regulation of the state's insurance industry. With approximately 220 employees, we are one of the smaller state agencies in Washington state government and are fortunate to have a stable funding source that does not rely on the state’s general fund. The OIC values its employees and diversity in the workplace. We challenge our employees to continuously improve the way we do business, and to meet and exceed the needs of our customers.
1. Protecting consumers by reviewing insurance policy forms (contracts) to ensure they comply with state laws and rules and applicable federal requirements;
2. Assisting insurers to promptly obtain approval to market insurance products; and,
3. Providing quality service to customers.
The Office of the Insurance Commissioner (OIC) operates under the direction of the state's Insurance Commissioner, a statewide elected official. The agency's mission is consumer protection and regulation of the state's insurance industry. With approximately 220 employees, we are one of the smaller state agencies in Washington state government and are fortunate to have a stable funding source that does not rely on the state’s general fund. The OIC values its employees and diversity in the workplace. We challenge our employees to continuously improve the way we do business, and to meet and exceed the needs of our customers.
OIC is hiring analyst to review health plan filings
We are hiring a Functional Program Analyst 3 in our Tumwater office to review health insurance policy forms to ensure they comply with state and federal laws and requirements. This position plays an important role in making sure health plans meet Affordable Care Act (ACA) and other requirements and working closely with the insurance companies that file their plans with our office each year. This position works with other health policy analysts in the agency and our legal division.
This position works in our Rates and Forms division and reports to the Health and Disability Manager, which we are also hiring.
We are looking for candidates who have a bachelor's degree and at least two years' experience in government regulation, insurance, insurance code, or experience with the ACA. We will start reviewing applications on May 19.
Read more about the position or apply at careers.wa.gov.
This position works in our Rates and Forms division and reports to the Health and Disability Manager, which we are also hiring.
We are looking for candidates who have a bachelor's degree and at least two years' experience in government regulation, insurance, insurance code, or experience with the ACA. We will start reviewing applications on May 19.
Read more about the position or apply at careers.wa.gov.
Climate change taken seriously by government, insurers
Doubters of the science on climate change and its effects on the nation and in the Pacific Northwest should be chastened by the third U.S. National Climate Assessment that the White House released this week.
It’s noted as the most comprehensive scientific assessment of climate change and its effects. Changes in snowmelt, more wildfires, rising sea levels and more findings are included in the assessment about the Northwest. The news is sobering.
But as Gov. Jay Inslee notes, efforts are being made in Washington to mitigate climate change -- reducing carbon emissions, investing in renewable energy, boosting fuel efficiency standards for vehicles and constructing buildings that use less power, among other things.
The insurance industry long ago determined that climate change is real, as noted most recently in the 2013 climate risk survey of over 1,000 insurers in Washington, California, Connecticut, Minnesota and New York.
Commissioner Mike Kreidler is chair of the National Association of Insurance Commissioners working group on Climate Change and Global Warming. This group regularly reviews how climate change affects insurers and the way they do business.
While Commissioner Kreidler maintains a continuing focus on reforms to the nation’s health care system, he’s also been a longtime advocate of protecting the environment for future generations. Insurance has a role, as he mentions in an article he wrote for the United Nations.
Read more about Commissioner Kreidler's work with climate change.
It’s noted as the most comprehensive scientific assessment of climate change and its effects. Changes in snowmelt, more wildfires, rising sea levels and more findings are included in the assessment about the Northwest. The news is sobering.
But as Gov. Jay Inslee notes, efforts are being made in Washington to mitigate climate change -- reducing carbon emissions, investing in renewable energy, boosting fuel efficiency standards for vehicles and constructing buildings that use less power, among other things.
The insurance industry long ago determined that climate change is real, as noted most recently in the 2013 climate risk survey of over 1,000 insurers in Washington, California, Connecticut, Minnesota and New York.
Commissioner Mike Kreidler is chair of the National Association of Insurance Commissioners working group on Climate Change and Global Warming. This group regularly reviews how climate change affects insurers and the way they do business.
While Commissioner Kreidler maintains a continuing focus on reforms to the nation’s health care system, he’s also been a longtime advocate of protecting the environment for future generations. Insurance has a role, as he mentions in an article he wrote for the United Nations.
Read more about Commissioner Kreidler's work with climate change.
Ride-sharing businesses cause confusion among consumers, drivers
Ride-sharing through Transportation Network Companies (TNCs), including Lyft, Uber and Sidecar, are causing a stir nationwide from an insurance perspective. These services are available to consumers through a smartphone app and allow drivers in certain cities to use their personal vehicles to give people rides, like a taxi.
A handful of states have issued consumer notices about these companies, including California, Hawaii, Ohio and, most recently, Connecticut. The debate revolves around when drivers and passengers are covered in a collision. Most personal auto policies have an exclusion for “livery,” which means times when drivers are being paid to transport people. In that case, the drivers would need a supplemental policy to cover the commercial use of their vehicles.
Today, a TNC called Lyft announced it is partnering with MetLife insurance to “develop insurance solutions that further protect Lyft’s drivers and passengers when utilizing this new sharing economy platform.” However, that’s about all the information that appears to be available at this time.
The TNCs advertise their own liability policies for drivers. Here’s an example from Lyft: “The Lyft platform now provides drivers with excess liability insurance up to $1,000,000 per occurrence.” Uber seems to offer a similar policy. Sidecar offers a little more information on its site, including a disclaimer that its $1 million policy “is liability only and does not provide coverage for collision, comprehensive, or wear and tear damage to a driver’s vehicle.”
Lyft is available in Seattle and recently announced it is expanding into Spokane. Uber is available in Tacoma, Seattle and Spokane. Sidecar is available only in Seattle.
This issue is sure to stick around as more consumers start using ride-sharing services. The Seattle City Council is currently considering how to regulate TNCs. You can read about one Seattle blogger’s experience with Lyft when he was involved in a collision.
If you have a problem with an insurance company, you can contact our consumer advocates at 1-800-562-6900 or online.
A handful of states have issued consumer notices about these companies, including California, Hawaii, Ohio and, most recently, Connecticut. The debate revolves around when drivers and passengers are covered in a collision. Most personal auto policies have an exclusion for “livery,” which means times when drivers are being paid to transport people. In that case, the drivers would need a supplemental policy to cover the commercial use of their vehicles.
Today, a TNC called Lyft announced it is partnering with MetLife insurance to “develop insurance solutions that further protect Lyft’s drivers and passengers when utilizing this new sharing economy platform.” However, that’s about all the information that appears to be available at this time.
The TNCs advertise their own liability policies for drivers. Here’s an example from Lyft: “The Lyft platform now provides drivers with excess liability insurance up to $1,000,000 per occurrence.” Uber seems to offer a similar policy. Sidecar offers a little more information on its site, including a disclaimer that its $1 million policy “is liability only and does not provide coverage for collision, comprehensive, or wear and tear damage to a driver’s vehicle.”
Lyft is available in Seattle and recently announced it is expanding into Spokane. Uber is available in Tacoma, Seattle and Spokane. Sidecar is available only in Seattle.
This issue is sure to stick around as more consumers start using ride-sharing services. The Seattle City Council is currently considering how to regulate TNCs. You can read about one Seattle blogger’s experience with Lyft when he was involved in a collision.
If you have a problem with an insurance company, you can contact our consumer advocates at 1-800-562-6900 or online.
Unlicensed jewelry service contract company makes things right with OIC
Zale Delaware Inc., a company connected to Zales Jewelers, Gordon Jewelers and Piercing Pagoda, and the Office of the Insurance Commissioner recently agreed that Zale would pay $300,000 fine and more than $290,000 in unpaid premium taxes for unauthorized sales of service contracts for jewelry repairs. Companies pay a 2 percent premium tax on all service contracts, which is deposited into the state’s general fund. All disciplinary fines are also deposited into the state’s general fund.
Zale sold more than 425,000 jewelry service contracts worth $14.5 million to Washington consumers from 1999-2013 without being licensed. Washington state law requires that all service contract providers be registered with the Insurance Commissioner; the law took effect in 1999 as a way to protect consumers. Zale self-reported to our office that it was selling the contracts without being licensed, and it agreed to suspend further sales until it could comply with state law.
Like insurance companies, companies that sell service contracts assume a certain level of risk and it’s our job to make sure they are able to provide consumers the service they paid for when they purchase the contract.
Noteworthy in this case is that the company approached our office in order to comply with state law. Often, we find out about unlicensed service contract sales from consumer complaints. It is unusual for a company to approach us in the interest of following the law. Zale agreed to pay the fine and the premium tax within 30 days.
Before you buy a service contract, you can make sure the company islicensed to sell contracts in Washington.
Zale sold more than 425,000 jewelry service contracts worth $14.5 million to Washington consumers from 1999-2013 without being licensed. Washington state law requires that all service contract providers be registered with the Insurance Commissioner; the law took effect in 1999 as a way to protect consumers. Zale self-reported to our office that it was selling the contracts without being licensed, and it agreed to suspend further sales until it could comply with state law.
Like insurance companies, companies that sell service contracts assume a certain level of risk and it’s our job to make sure they are able to provide consumers the service they paid for when they purchase the contract.
Noteworthy in this case is that the company approached our office in order to comply with state law. Often, we find out about unlicensed service contract sales from consumer complaints. It is unusual for a company to approach us in the interest of following the law. Zale agreed to pay the fine and the premium tax within 30 days.
Before you buy a service contract, you can make sure the company islicensed to sell contracts in Washington.
Health insurers' proposed 2015 rates due today
Today is the deadline for all health insurance plans that are sold in Washington to be filed with our office. All health insurers must file their individual and small group health plans and rates for plans sold both inside and outside the Exchange, Washington Healthplanfinder. The review process will likely continue through the summer.
The rates will be available to the public 10 days after the filing is determined to be complete by our office – most likely on May 10. Consumers can sign up to receive an email when the rates are posted on our website. You can select one just company or all of them. If you sign up before May 10, you will receive an email alert once the new proposed rates are posted. And you’ll get an email once we’ve made our decision.
We also have information about how rates are reviewed and frequently asked questions.
The rates will be available to the public 10 days after the filing is determined to be complete by our office – most likely on May 10. Consumers can sign up to receive an email when the rates are posted on our website. You can select one just company or all of them. If you sign up before May 10, you will receive an email alert once the new proposed rates are posted. And you’ll get an email once we’ve made our decision.
We also have information about how rates are reviewed and frequently asked questions.
OIC seeks innovator who wants to help implement ACA statewide
OIC has a unique job opening in our Rates and Forms Division as a Health and Disability Insurance Forms/Contracts Manager (WMS Band 3). The position reports to the Deputy Commissioner for Rates and Forms, which is the division that reviews insurance plans and rates.
This is an exciting opportunity for someone who wants to work on the cutting edge of Affordable Care Act implementation in Washington state. We need someone who can lead a team of expert staff; work closely with people in the division who review rates and provider networks; and who understands insurance and contracts. The person in this position needs to be innovative and adaptable.
Here are a few of the position’s duties, as outlined in the job announcement:
- Serves as the statewide expert on health and disability forms filings.
- Plans and directs the review and approval or disapproval of health and disability contracts submitted by regulated entities; analyzes filing data to discover complaint trends or patterns of unfair, inequitable or unlawful insurance practices; prepares files and recommends referral of such practices for enforcement action.
- Attends and participates in assigned and agency training to enhance requisite skills and knowledge needed to supervise professional staff.
- Represent the OIC on a local and national level, attending NAIC events, speaking on behalf of the agency, and providing leadership on work groups and task forces.
We are requiring:
- A bachelor of arts or bachelor of science degree.
- Expert knowledge of insurance products.
- Expert knowledge of the insurance code and related rules and case law related to insurance products.
- Extensive experience analyzing contracts, and providing effective oral and written communication.
- Five years' supervisory experience of professional-level staff.
The salary will depend on qualifications, with a maximum of $80,000 per year.
Consumer tip: Don’t toss notices from your lenders
If you get a notice in the mail from one of your lenders – whether it be auto, boat, home or any other item you are paying for with a loan – make sure you read it. Lenders can require you to prove the item they’ve paid for is insured against damage or loss with an auto, homeowner or other applicable policy.
If you fail to prove the item is insured, the lender has the right to apply its own insurance policy, called “force placed” or “vendor’s single interest (VSI),” to your loan. The policy doesn’t protect you against property loss or liability—its sole function is to pay the lender the loan balance if you default on the loan. These policies are very expensive, they are added to your loan balance and you pay interest on them. One consumer was charged $2,680 for a policy on a $15,000 loan—that’s nearly 18 percent of the loan, not counting the interest the consumer paid.
The good news is that lenders typically allow you to drop the policy once you prove you have your own insurance on the item.
Don’t get stuck with a huge insurance cost that could have been prevented. When you get notices in the mail from a lender, read them.
If you have questions, contact our consumer advocates at 1-800-562-6900 or through our website.
If you fail to prove the item is insured, the lender has the right to apply its own insurance policy, called “force placed” or “vendor’s single interest (VSI),” to your loan. The policy doesn’t protect you against property loss or liability—its sole function is to pay the lender the loan balance if you default on the loan. These policies are very expensive, they are added to your loan balance and you pay interest on them. One consumer was charged $2,680 for a policy on a $15,000 loan—that’s nearly 18 percent of the loan, not counting the interest the consumer paid.
The good news is that lenders typically allow you to drop the policy once you prove you have your own insurance on the item.
Don’t get stuck with a huge insurance cost that could have been prevented. When you get notices in the mail from a lender, read them.
If you have questions, contact our consumer advocates at 1-800-562-6900 or through our website.
Did a medical provider refuse service based on your plan? We want to hear from you!
Our consumer advocates in recent weeks have heard from a handful of consumers that medical providers have refused to see them because they purchased health insurance through Washington Healthplanfinder, our state’s health benefit exchange. The consumers reported a couple of scenarios:
- They scheduled an appointment with a medical provider. The provider’s office later canceled the appointment because they say they are not accepting insurance that was purchased through the Exchange.
- Consumers contact providers listed as being in their network to find out if new patients are being accepted, and are told yes. The provider’s office later calls the consumer and tells the consumer they aren’t accepting plans purchased through the Exchange. In most cases, the insurance plans are confirming the providers are in the plan’s network.
We’ve heard of this happening with several plans and in several areas of the state. If you experienced one of these scenarios or something similar, please contact our consumer advocates at 1-800-562-6900 or file a complaint online. We regulate insurance companies and we want to make sure consumers receive the services they are entitled to in their insurance policies.
Career opportunity for a financial examiner
Do you have experience with auditing or accounting and want to work in the Olympia area? We are hiring a Financial Examiner 2 (Assistant Financial Analyst) position in our Company Supervision division at our Tumwater headquarters. Financial examiners review insurance companies' financial statements to make sure they are following state rules and laws that exist in part to make sure they remain financially solvent and able to serve Washington consumers.
This is what the person in the job will do:
- Examine and analyze insurance company and health carrier filings to discern financial condition, difficulties, trends, and compliance.
- Read and interpret applicable laws, regulations, and standards to ensure analyses and examinations are appropriately conducted.
- Assess analysis-examination risk, materiality, and other matters by reviewing and analyzing regulated entity's history and OIC Priority Rating, biographical affidavits of its key staff, and qualifications of its management and accounting personnel, as well as current filings for the entity, prior analysis reports, and file information.
- Prepare and complete analysis-examination procedures in accordance with accreditation standards.
- Read and analyze the regulated entity’s filings, documents, and other information to assess the entity’s financial condition, statement assertions, and compliance with insurance laws, regulations, and standards.
- Prepare analysis-examination reports for assigned regulated entities, including updating the risk assessment, profile summary, and supervisory plan.
- Write correspondence to regulated entity personnel to obtain documents and information and to explain determinations.
- Analyze Charitable Gift Annuity (CGA) issuers' and other auxiliary lines entities' Annual Reports and accompanying additional documentation, audited financial statements, and IRS Form 990s (if applicable) for statutory compliance.
- Other duties as assigned.
Kreidler remembers former State Auditor Bob Graham
Former Washington State Auditor Bob Graham passed away this week at the age of 93. Insurance Commissioner Mike Kreidler got to know Graham after he was first elected to the state House of Representatives in 1976. At that point, Graham had been state auditor for 12 years.
“Bob was highly respected and dedicated to public service,” said Kreidler. “I always enjoyed interacting with him. He was a real gentleman and a professional. I give my condolences to Bob’s wife Lloydine and his children.”
Graham was state auditor for 28 years, from 1965 until 1993. Read more about Graham’s life and service on the Secretary of State’s blog and The Olympian. Kreidler, other insurance commissioners meet with President Obama this morning
Insurance Commissioner Mike Kreidler had an experience this morning that few people get--an hour with the President of the United States at the White House.
Kreidler shared that time with 43 other state insurance commissioners, whom the White House invited on short notice to discuss the progress of and the challenges ahead for the Affordable Care Act. The legislation is often referred to as President Barack Obama’s “signature” achievement during his tenure.
Vice President Joe Biden and key members of the White House staff also joined the discussion.
"It was a remarkable experience to spend an hour with the leader of the free world," Kreidler said. “The president was fully engaged.”
Key topics for the hourlong discussion were potential premiums for 2015, the adequacy of medical provider networks and changes at the U.S. Department of Health and Human Services, which oversees many of the national regulations of the Affordable Care Act. The agency is undergoing a change in leadership with the departure of former Secretary Kathleen Sebelius.
Kreidler said the president was scheduled to talk with representatives of the insurance industry in an afternoon meeting.
The National Association of Insurance Commissioners (NAIC) shared details about the visit in a news release and also posted a photo from the nation's capital of the insurance commissioners who participated.
This morning, we shared a photo of Kreidler in front of the White House as our inaugural Instagram post.
Kreidler shared that time with 43 other state insurance commissioners, whom the White House invited on short notice to discuss the progress of and the challenges ahead for the Affordable Care Act. The legislation is often referred to as President Barack Obama’s “signature” achievement during his tenure.
Vice President Joe Biden and key members of the White House staff also joined the discussion.
"It was a remarkable experience to spend an hour with the leader of the free world," Kreidler said. “The president was fully engaged.”
Key topics for the hourlong discussion were potential premiums for 2015, the adequacy of medical provider networks and changes at the U.S. Department of Health and Human Services, which oversees many of the national regulations of the Affordable Care Act. The agency is undergoing a change in leadership with the departure of former Secretary Kathleen Sebelius.
The National Association of Insurance Commissioners (NAIC) shared details about the visit in a news release and also posted a photo from the nation's capital of the insurance commissioners who participated.
This morning, we shared a photo of Kreidler in front of the White House as our inaugural Instagram post.
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