WA Insurance Commissioner Calls for the Death of His Own Bill After Senate Democrats Gut It
In a press release last week Washington Insurance Commissioner Mike Kreidler disavowed a credit scoring bill his own office requested from the Legislature, claiming the Senate's Business committee, chaired by Democratic state Sen. Mark Mullet, worked with insurance company lobbyists to water down the legislation's language in order to "protect insurers, not consumers."
Kreidler's legislation, Senate Bill 5010, would have stopped insurance companies from using credit scores to set premiums for certain kinds of products, including home and auto insurance.
"Credit scoring is an insidious industry tool that for too long has subsidized the well-off at the expense of punishing low-income people and many people of color. The insurance industry’s bill maintains this inequity. I do not support this watered-down bill and am committed to seeing that we get a full ban in our state," Kreidler added.
Sen. Mona Das, who sponsored the bill but who doesn't sit on the committee, said "it's not the giant leap that we wanted, it is a step in the right direction," and added that the new version "will still help people whose credit scores have been negatively impacted by COVID-19."
Read more: https://www.thestranger.com/slog/2021/02/22/55352998/wa-insurance-commissioner-calls-for-the-death-of-his-own-bill-after-senate-democrats-gut-it
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