LIFE INSURANCE 2018

As the state’s insurance regulator, one of the things the Office of the Insurance Commissioner does is examine and analyze insurers’ finances to make sure they have enough money in cash and investments to pay consumers’ insurance claims. Climate change is increasingly a risk to insurers’ business, both from a claims standpoint and from an investment standpoint. Some of OIC’s friendly financial examiners participate in a dry run of a new training for state regulators to evaluate insurers’ climate change risk. Commissioner Kreidler has led the climate change work group for the National Association of Insurance Commissioners (NAIC) since 2006. As part of that work, the OIC led a work group that developed the guidance for other state regulators to use when evaluating insurers’ climate change risks and investments during financial examinations and analyses. Last week, the OIC’s financial examiners and analysts were given a dry run of the training to offer feedback before it is presented to ...

Isabel Osorto, 23, of Tacoma, pled guilty to insurance fraud and agreed to complete a diversion program in exchange for the charge being dismissed. The charge stems from a December 2012 collision in which Osorto hit another car. Later that day, she purchased insurance for her car and filed a $9,000 hit-and-run claim on her car three days later. The insurance company was tipped off that something was amiss when the driver of the car she hit contacted her insurance company about the damage to his car, which was supported by the citation she was issued by Washington State Patrol. She was charged with one count of insurance fraud in September 2014 . The terms of the diversion program include pleading guilty, full repayment of the restitution amount, payment of all administrative fees and full compliance with all program requirements. In this case, the restitution amount is zero because the insurance company did not pay Osorto’s $9,000 claim. The charge against Osorto will be dismissed once...

The unprecedented sunshine we are experiencing in the Pacific Northwest may be enticing drivers to take their convertibles out for a spin. But do you know what your insurance policy will cover if something happens to your top or interior?  Depending upon the age of your vehicle, your insurance company may not pay for the full replacement cost of the convertible top if it is torn from the vehicle or someone damages it. Some companies apply what they call “betterment” to the value of the car, taking into consideration the car’s age and condition. Another way of describing betterment is thinking about life span – car parts have different life spans and once they near the end of their life span, paying the full cost of replacing those parts would result in your car being in better shape than it was when it was damaged, thereby increasing its value. The same idea applies to the interior of your vehicle. If someone damages the interior while your open convertible is parked somewhere, the...

Forbes estimates up to one quarter of the population participates in some form of the sharing economy, whether it be ridesharing, renting out your home or sharing something you already have to make money. We put together some information and tips for entrepreneurs and consumers alike to consider before they participate in the sharing economy. You can find that information  here.   Questions? You can contact our consumer advocates online or at 1-800-562-6900.

This week is National Consumer Protection Week and the OIC is one of the many government agencies that helps protect consumers from financial harm. So what does that mean for Washington consumers? Consumer protection is part of the OIC’s mission, which is reflected in the way we do business. Our consumer advocates can help: Answer questions about home, auto, health, life, annuities, business and other insurance.  Understand your insurance rights, including your health insurance appeal rights and the process .  Understand how health reform works.  Look into complaints against insurance companies .  Provide you with information about your insurance options.  Verify if an agent, agency, or company is authorized to sell insurance in Washington state.  In 2014, our consumer advocates fielded 6,135 consumer complaints and helped recover more than $9.5 million in insurance billings, refunds and other claims-related issues for Washington citizens. Read more abou...