On Apr. 8, WAS LEG enacted bill on disability income insurer filings.
WAS LEG enacted bill SB 5141, HB 1230, to require experience-rated group disability income insurers to include all applicable rating factors and credibility formulas.
As this applies in relation to rate manual filings with the Insurance Commissioner.
Amendments made to WAS INS 48.19.010, which sets out the scope on rates.
Document dated Apr. 8, 2025, was received on May 16, 2025 due to a new feed.
Bill Provisions
Experience-rated group disability income insurers must include their experience rating formulas, all rating factors/credibility formulas in their insurance filings.
Filings must contain enough detail to confirm that a group is fully or partially credible and to allow the Insurance Commissioner to replicate the premium rates, accordingly.
Replication of the premium rates is conducted by the Insurance Commissioner for the experience-rated group if given the group's experience and demographics.
Legislative History
On Jan. 13, 2025, bill introduced in Senate; on Feb. 25, 2025, bill passed in Senate.
On Feb. 27, 2025, bill introduced in House; on Mar. 31, 2025, bill was passed in House.
On Apr. 3, 2025, bill sent to governor; on Apr. 8, 2025, bill signed, became Ch. 27.
Effectiveness
Act becomes effective on Jul. 27, 2025.
Regulators
WAS LEG
Entity Types
Ins
Reference
Ch. 27, Bill SB5141, HB1230, 4/8/2025; Citation: WAS INS 48.19.010;
Functions
Actuarial and Valuation; Claims/Accelerated Benefits; Compliance; Operations; Product Administration; Reporting
