In May 2023, current Washington state Insurance Commissioner Mike Kriedler announced he would not be seeking reelection in 2024. “It’s time for someone else to step forward and carry on this agency’s important consumer protection work,” he said in a statement.
As we inch closer to the 2024 election, we hope to highlight the importance of this integral role and better inform the public regarding their civic duty.
We protect consumers, the public interest and our state’s economy through fair and efficient regulation of the insurance industry.
The Office of the Insurance Commissioner (OIC) was originally created in 1889 to register all insurance companies doing business within Washington state. Since that time, the mission of the OIC has changed, expanding to oversee the insurance industry, guarantee that companies, agents, and brokers abide by the rules, and provide strong consumer protection.
The OIC's goal is to ensure that all citizens of Washington have access to insurance, and that premiums are fair, non-discriminatory, and in line with state laws and regulations; they provide a wide range of services aimed at accomplishing this goal:
Current Commissioner Mike Kriedler’s departure opens the field for new candidates, presenting an opportunity for fresh perspectives, ideas, and policy agendas aimed at shaping the future of insurance regulation in Washington.
The insurance commissioner wields significant power, with the ability to enact reforms that can directly impact the affordability, accessibility, and quality of insurance coverage for individuals, families, and businesses across the state. This includes addressing issues such as premium rates, coverage options, claims handling, and consumer protections.
Illustrated by dramatic shifts in California and Florida, the insurance industry remains in a state of constant change. It’s up to the insurance commissioner and their team to navigate emerging challenges – the increasing use of technology, evolving healthcare landscape, climate change-related risks, and cybersecurity concerns – and make informed decisions that protect the interests of both consumers and insurers.
It’s our goal to inform voters in Washington about the position, its responsibilities, and the impacts it has on the day-to-day life of insured individuals throughout the state.