The proposed bill mandates a study by the office of the insurance commissioner to evaluate the impact of insurers' use of credit history, credit-based insurance scores, and other rate factors that may disproportionately affect Washington residents in determining personal insurance rates. The study aims to assess how these factors influence consumer costs and insurance availability, and to explore alternative rating methods that do not rely on credit history or scoring models. The insurance commissioner is tasked with collecting data from authorized insurers, conducting analyses with the help of actuaries and consultants, and developing policy options for legislative consideration.

The bill requires the insurance commissioner to submit a preliminary report by December 31, 2025, and a final report by September 15, 2026, detailing findings and recommendations regarding the use of credit history and related factors in personal insurance. Additionally, it establishes that data collected for the study will be confidential and privileged, not subject to public disclosure, although aggregate data may be published. The section of the bill will expire on December 31, 2033.