Rate Factor Study

The Office of the Insurance Commissioner (OIC) is seeking proposals from vendors to conduct a study on rate factors used by insurers to determine personal insurance premiums, rates, and coverage. The study aims to analyze the impact of these rate factors on Washington residents, particularly in terms of disparate impacts on demographic characteristics such as race, ethnicity, sex, socioeconomic status, and national origin. The selected vendor will be responsible for collecting and analyzing data, identifying alternative rate factors, and developing policy options for legislative consideration. The project is expected to begin on March 16, 2026, and end on June 30, 2027, with the possibility of two one-year extensions. • The vendor will be responsible for project management, data collection, and analysis. • The vendor will identify and analyze rate factors, including credit history and credit-based insurance scoring models. • The vendor will develop policy options and recommendations for the legislature. • The vendor will produce a final report presenting the findings and recommendations.