Starting June 1, insurance companies in Washington will have to explain to policyholders why their insurance premiums have gone up. The new transparency rule, established by the Office of the Insurance Commissioner, applies to auto and homeowner's insurance policies and goes into effect in two phases. Phase 1 starts June 1, 2024 and it requires insurers to include a disclaimer on the first page or view of renewal notices or billing statements that lets the policyholder know they can request more details about their premium increase. Phase 2, which starts June 1, 2027, insurance companies must send a notice at least 20 days before renewing a policy with a 10% or more increase. The rule is the first of its kind in the country. STORY: https://www.king5.com/article/news/local/insurance-must-explain-rate-hikes-under-first-kind-rule-washington/281-67f8020b-05e4-4773-b261-108ff6c9f02b