For several weeks, we have seen various letters of concern regarding the emergency auto and home insurance regulation raising prices (my notice came on Aug. 17) as determined by Insurance Commissioner Mike Kreidler. This has impacted thousands of Washingtonians, forcing elderly people to pay rates up to 40 percent higher, according to the 30 people speaking on a OIC webcast, most were Social Security recipients.
In October, a judge stopped Kreidler’s credit scoring ban and referred the case to the Senate Business & Finance committee which will meet soon. The original governing bill SB 5010, now replaced with substitute bill 5010, with modifications is the controlling document.
My reading of these bills indicated that we may have to wait until 2023 to get an answer regarding either reimbursement or credit for our overpayments. I prefer cash because it’s Christmastime and our extended family has a baby due to arrive close to Dec. 25 and it sure would be nice to present him/her and their mother with a nice gift. For the record, we have an insurance regulatory system that touches several other hands or agencies before you get a chance to negotiate what you want to pay for insurance.
