Consumer Transparency for Homeowners’ Insurance
What changed between versions
Insurers must now submit rate transparency reports with each rate filing showing percentage breakdowns of rating factors including reinsurance costs, claims costs, defense costs, fees, commissions, and profit margins.
Insurers must provide rate transparency reports directly to consumers when offering coverage or renewing policies, with preliminary notices if reports are not yet approved by the Office of Insurance Regulation.
The Office of Insurance Regulation must establish and maintain a comprehensive public resource center website with tools for finding insurers, educational materials, claims guidance, and access to rate filing information.
The Office must publicly disclose statewide average requested and approved rate changes, actuary assumptions, and information about affiliated entities used by insurers.
Certain rate information that was previously protected as trade secrets is now explicitly excluded from trade secret protections and public records exemptions.
Rate transparency reports must begin including all required information starting October 1, 2025, with the public resource center website requirements also taking effect July 1, 2025.