The bill amends RCW 48.19.010 to enhance the regulatory requirements for experience-rated group disability income insurers. Specifically, it mandates that these insurers must include all applicable rating factors and credibility formulas in their rate manual filings with the insurance commissioner. This requirement aims to ensure that the filings are sufficiently detailed to confirm whether a group is fully or partially credible, and to enable the commissioner to replicate the premium rates based on the group's experience and demographics.

Additionally, the bill clarifies that all insurers must file their manual of classification, rules, and rates with the commissioner before using them, except in cases where specific statutes or federal laws provide otherwise. The inclusion of detailed experience rating formulas is intended to improve transparency and accountability in the insurance rating process, ultimately benefiting consumers and regulators alike.

Statutes affected:
Original Bill: 48.19.010
Bill as Passed Legislature: 48.19.010
Session Law: 48.19.010