The bill aims to enhance transparency in the premium rate-setting process for Washington's workers' compensation program. It emphasizes the importance of open governance, noting that the current practice of artificially limiting premium rate changes for certain risk classes obscures the true costs of the program and undermines public confidence. To address these issues, the bill mandates the publication of actuarially indicated rates for each risk classification as part of the proposed premium rates for the upcoming year.

Additionally, if the director of the department limits the maximum premium rate increase for any risk classification below the actuarially indicated level, the department is required to publish detailed information regarding this limitation. This includes the affected rate classifications, the proposed rates, the rates that would have applied without the limitation, and the impact on other risk classes. The department must make this information available on its website and submit it to relevant legislative committees and the workers' compensation advisory committee, thereby promoting accountability and informed decision-making in the rate-setting process.

Statutes affected:
Original bill: 51.16.035