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 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.

In addition to the new requirements for experience-rated group disability income insurance, the bill maintains existing provisions regarding the types of insurance covered under the chapter, which excludes life insurance, disability insurance, reinsurance, and certain marine and title insurance. The changes are intended to improve transparency and accountability in the insurance rating process, ultimately benefiting both insurers and consumers by providing clearer guidelines for rate filings.

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