The bill amends RCW 48.19.010 to enhance the regulatory requirements for experience-rated group disability income insurers in Washington State. 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 transparency and accuracy in the rating process, allowing the commissioner to verify that a group is fully or partially credible and to replicate 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 specified under RCW 48.43.733 or other specific statutes. The new provisions are designed to provide a more comprehensive understanding of the rating methodologies used by insurers, thereby promoting fair practices in the disability insurance market.

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