We're recruiting for a senior market analyst to fill an opening in our main building in Tumwater, Wash.
The position is responsible for conducting market analyses of regulated entitites under the direction of our chief market analyst. The goal is to protect consumers' interests and promote a health business environment in Washington, both of which we help do by providing regulatory oversight of market interactions between consumers and insurance carriers.
For more specifics, including detailed duties, salary, timeline, etc., please see the full job listing.
Wednesday, April 24, 2013
Tuesday, April 23, 2013
We knew it! Actuary named best job of 2013.
The jobs website CareerCast.com has named the best (and worst) jobs of 2013. Topping the list (again, yes) is actuary.
The ratings, according to this summary in the Wall Street Journal, were based on physical demands, work environment, income, stress and hiring outlook.
And there are some surprises on the list. Dental hygienist came in among the top jobs, as did veterinarian. Actors, roofers and dairy farmers are among the worst, no surprise there, but so are senior corporate executives and military generals.
The ratings, according to this summary in the Wall Street Journal, were based on physical demands, work environment, income, stress and hiring outlook.
And there are some surprises on the list. Dental hygienist came in among the top jobs, as did veterinarian. Actors, roofers and dairy farmers are among the worst, no surprise there, but so are senior corporate executives and military generals.
The police cited the other driver, but his insurer says I'm partly at fault? How can that be?
We get a lot of consumer calls like this.
Police have the authority to issue citations based on their interpretation of the accident scene and the rules of the road. Drivers who disagree can make their case in traffic court.
But here's the key thing when it comes to insurance: A citation doesn't necessarily establish the issue of negligence, which can include factors including your own driving behavior, weather, speed and visibility. And the reality is that insurers sometimes attribute some portion of fault to both drivers rather than rely solely on who got a ticket at the scene. If an insurer does that, however, they should explain the basis for their decision.
Want to know more? Here in Washington state, the law that allows for this apportionment of fault is RCW 4.22, titled "Contributory fault."
Here's more about your rights when you file an auto insurance claim, and guidelines on what to do if you're in an accident and what to do if you're hit by an uninsured driver.
Police have the authority to issue citations based on their interpretation of the accident scene and the rules of the road. Drivers who disagree can make their case in traffic court.
But here's the key thing when it comes to insurance: A citation doesn't necessarily establish the issue of negligence, which can include factors including your own driving behavior, weather, speed and visibility. And the reality is that insurers sometimes attribute some portion of fault to both drivers rather than rely solely on who got a ticket at the scene. If an insurer does that, however, they should explain the basis for their decision.
Want to know more? Here in Washington state, the law that allows for this apportionment of fault is RCW 4.22, titled "Contributory fault."
Here's more about your rights when you file an auto insurance claim, and guidelines on what to do if you're in an accident and what to do if you're hit by an uninsured driver.
Monday, April 22, 2013
"Is there an insurance law that says when my car has to be totaled?"
Not that we're aware of, at least here in Washington state.
That said, we're aware that sometimes there is hidden collision damage to a car that can add substantially to the cost of the initial estimate.
With that in mind, insurers may decide to total a car when their initial repair estimate is around 70 percent of the vehicle's current market value. Otherwise, if the repairs are started and costs due to hidden damage escalate another 30 percent or more, they can end up spending more to fix the vehicle than it's actually worth.
The short answer: there is no "official" formula in the law for totalling a vehicle. But insurers look at the repair cost potential. If it's close to the value of the car, they may decide not to even begin repairs, and to simply compensate you for the value of the vehicle.
How do they establish that value? The insurer owes you the actual cash value -- i.e. the retail market value -- of your car. Insurers have to look at local values for comparable vehicles, although with your permission, your insurer can extend the search beyond 150 miles.
If you disagree on the value -- and we get these calls all the time -- you can hire an appraiser and go through the appraisal process in your auto policy. If the dispute is with someone else's insurer, you can either file a claim with your own insurer, or you may want to consider taking the matter to court.
Please see our "What happens after your car gets totalled" page for much more on totalled car values, disputes, and what happens if you opt to keep your totaled car.
That said, we're aware that sometimes there is hidden collision damage to a car that can add substantially to the cost of the initial estimate.
With that in mind, insurers may decide to total a car when their initial repair estimate is around 70 percent of the vehicle's current market value. Otherwise, if the repairs are started and costs due to hidden damage escalate another 30 percent or more, they can end up spending more to fix the vehicle than it's actually worth.
The short answer: there is no "official" formula in the law for totalling a vehicle. But insurers look at the repair cost potential. If it's close to the value of the car, they may decide not to even begin repairs, and to simply compensate you for the value of the vehicle.
How do they establish that value? The insurer owes you the actual cash value -- i.e. the retail market value -- of your car. Insurers have to look at local values for comparable vehicles, although with your permission, your insurer can extend the search beyond 150 miles.
If you disagree on the value -- and we get these calls all the time -- you can hire an appraiser and go through the appraisal process in your auto policy. If the dispute is with someone else's insurer, you can either file a claim with your own insurer, or you may want to consider taking the matter to court.
Please see our "What happens after your car gets totalled" page for much more on totalled car values, disputes, and what happens if you opt to keep your totaled car.
Friday, April 19, 2013
We saved Washington consumers $5.6 million in auto insurance premiums last year
Little-known fact: When many types of insurers want to change their premium prices, they must file the new rates with us. Our actuaries and analysts go over the numbers, and -- where justifiable -- we hold those increases down.
Through this process, we've saved Washington state consumers nearly $11 million over the past three years. Here's the annual difference between requested rates and approved rates during that time:
Through this process, we've saved Washington state consumers nearly $11 million over the past three years. Here's the annual difference between requested rates and approved rates during that time:
- 2010: $2,655,927
- 2011: $2,714,917
- 2012: $5,603,182
Wednesday, April 17, 2013
Got an insurance question or problem? We'll try our best to help. (And we won't try to sell you anything.)
Got an insurance question or problem? Call or email our consumer hotline staff at 1-800-562-6900 or AskMike@oic.wa.gov.
We're the state agency that regulates the insurance industry in Washington state.
Our analysts help Washingtonians get millions of dollars in denied or delayed insurance claims each year. They help people get insurance reinstated when it's wrongly canceled, and they can show you how to appeal if your health insurer denies a treatment.
We can tell you what your rights are, help you file a complaint, and would be happy to contact your insurance company on your behalf to find out more. If you don't have health insurance -- or can't afford the insurance you have -- we may be able to find options that are a better fit for you. We can give you some tips on how to push for the maximum value for your totaled car.
And on and on. Just email us or call.
What if you don't live in Washington? Most state insurance departments offer similar help. Here's a handy map, courtesy of the National Association of Insurance Commissioners, showing how to contact your local department.
We're the state agency that regulates the insurance industry in Washington state.
Our analysts help Washingtonians get millions of dollars in denied or delayed insurance claims each year. They help people get insurance reinstated when it's wrongly canceled, and they can show you how to appeal if your health insurer denies a treatment.
We can tell you what your rights are, help you file a complaint, and would be happy to contact your insurance company on your behalf to find out more. If you don't have health insurance -- or can't afford the insurance you have -- we may be able to find options that are a better fit for you. We can give you some tips on how to push for the maximum value for your totaled car.
And on and on. Just email us or call.
What if you don't live in Washington? Most state insurance departments offer similar help. Here's a handy map, courtesy of the National Association of Insurance Commissioners, showing how to contact your local department.
"My insurer wants me to repair the roof and paint the siding or they won't insure me. Can they do this?"
A written, advance notice is required when an insurer is going to cancel (or "non-renew") a policy. If you got that notice in writing at least 45 days beforehand, then yes, the insurer can do this.
Often, the problem for homeowners is the timing. They simply don't have enough time to find contractors or do the work themselves. In such a case, you might be able to talk to your insurer and figure out a repair plan that will satisfy them. If not, you'd better start shopping for alternative coverage.
You might also ask your agent to talk the insurance company. There's no guarantee that the company will change its mind, but it might help.
Often, the problem for homeowners is the timing. They simply don't have enough time to find contractors or do the work themselves. In such a case, you might be able to talk to your insurer and figure out a repair plan that will satisfy them. If not, you'd better start shopping for alternative coverage.
You might also ask your agent to talk the insurance company. There's no guarantee that the company will change its mind, but it might help.
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