The bill amends RCW 48.19.010 to enhance the regulatory requirements for experience-rated group disability income insurers in Washington State. It mandates that these insurers must include their experience rating formulas, along with 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 for disability insurance, except in cases where specific statutes or federal laws provide otherwise. This legislative change is intended to promote transparency and accountability in the insurance rating process, ultimately benefiting consumers by ensuring fair and accurate premium assessments.

Statutes affected:
Original Bill: 48.19.010