Conducting a study of credit history, credit-based insurance scores, and other rate factors in making rates for personal insurance.

Senate Bill 5589 directs the Washington Office of the Insurance Commissioner (OIC) to conduct a comprehensive study on how personal insurance rates are determined. The study will examine insurers' use of credit history, credit-based insurance scores, and other rate factors that may disproportionately affect Washington residents based on race, ethnicity, sex, socioeconomic status, or national origin. The OIC will collect information from insurers and contract with actuaries and consultants to analyze these practices. It will also identify and analyze alternative rate factors that do not rely on credit history or disparately impact residents. The OIC is required to submit preliminary and final reports to the legislature with findings, policy options, and recommendations on the use of these factors for personal insurance.