What types of insurance require additional regulation?

In Washington, insurance regulation laws are in place to protect consumers and ensure fair and ethical practices by insurance companies. In general, insurance companies are required to obtain a state insurance license and must adhere to any state-specific rules, regulations, and/or laws regarding their operation. In Washington, insurance regulation laws require that health, life, disability, and workers’ compensation insurance companies must obtain a license to operate within the state. Accident and health insurance companies must meet certain standards regarding payment of claims in a timely manner, provide a proper disclosure of policy information, and follow the proper procedures for filing and administering the claims. Other types of insurance that require additional regulation in Washington include auto insurance, homeowners’ insurance, and liability insurance. These types of insurance require companies to meet certain measures of financial responsibility and must be able to handle claims in an expedient manner. Companies must also disclose information regarding limits and coverage to customers, and provide access to an appeals process should a customer disagree with a payment decision. Finally, long-term care insurance companies must meet certain standards in order to do business in Washington. These standards include proper communication of information to policyholders, providing sufficient customer service, and handling complaints in a timely manner. Companies are also required to maintain sufficient financial reserves to cover customer claims.

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What types of insurance require additional regulation?

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