Rate reviews by the Washington State Insurance Commissioner’s office reduced proposed automobile insurance rates by $26 million over the first 10 months of this year, a reduction of about 1 percent.
In 2008, the rate reviews trimmed $44 million for the rate increases proposed by insurance companies, wrote Commissioner Mark Kreidler in his blog.
According to Washington law, companies must submit their data and justification for a rate increase to the commissioner’s office, and it must be approved before it can go into affect. But the commissioner’s office’s actuaries can reject the request and propose something lower.
From 2000 through Oct. 2009, rate reviews cut nearly $243 million from proposed rates, Kreidler wrote.