In testimony before the Oregon House Committee on Commerce and Consumer Protection, the Consumer Federation of America urged the Committee to support HB 2563, a bill requiring that consumers be given information about the reasons for insurance premium increases under certain conditions.

HB 2563 will promote transparency in auto insurance markets regarding premium increases. Oregon drivers need and deserve information about premium increases, so they understand the price hikes they are experiencing and get information to help them lower their insurance costs.

Phase 1 the bill requires an auto insurer that renews an existing policy with a consumer to give them a clear and reasonable written explanation for any premium increase they have to pay, if the consumer makes a written request for this explanation. Phase 2 requires all auto insurers who renew existing policies and increase premiums upon renewal by 10% or more to provide consumers with clear and reasonable explanations of the primary factors for these increases.