The proposed bill mandates a comprehensive study by the office of the insurance commissioner regarding the 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 evaluate the current practices of insurers and explore alternatives that do not rely on these potentially discriminatory factors. 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 findings will focus on the impacts of these rating factors on consumer costs, insurance availability, and eligibility across various demographics.

The bill also stipulates that the insurance commissioner must submit a preliminary report by December 31, 2025, and a final report by September 15, 2026, detailing the study's findings and recommendations. Additionally, it ensures that any data collected for the study remains confidential and is not subject to public disclosure, although aggregate data may be published. The section of the bill is set to expire on December 31, 2033.