"Sec. 1   RCW 48.02.120 and 1985 c 264 s 2 are each amended to read as follows:
     (1) The commissioner shall preserve in permanent form records of his or her proceedings, hearings, investigations, and examinations, and shall file such records in his or her office.
     (2) The records of the commissioner and insurance filings in his or her office shall be open to public inspection, except as otherwise provided by this code.
     (3) Except as provided in subsection (4) of this section, actuarial formulas, statistics, and assumptions submitted in support of a rate or form filing by an insurer, health care service contractor, or health maintenance organization or submitted to the commissioner upon his or her request shall be withheld from public inspection in order to preserve trade secrets or prevent unfair competition.
     (4) For rate filings with an effective date on or after January 1, 2012, subsection (3) of this section does not apply to rate filings for individual and small group health benefit plans. Subsection (3) of this section may continue to apply for a period of one year from the date a new individual or small group product filing is submitted or until the next rate filing for the product, whichever occurs earlier, if the commissioner determines that the proposed rate filing is for a new product that is distinct and unique from any of the carrier's currently or previously offered health benefit plans. Carriers must make a written request for a product classification as a new product under this subsection, and must receive subsequent written approval by the commissioner for this subsection to apply.
     (5) Unless the commissioner has determined that the filing is for a new product pursuant to subsection (4) of this section, for individual or small group health benefit plan rate filings with an effective date on or after January 1, 2012, the commissioner must:
     (a) Make each filing available for public inspection on the tenth calendar day after the commissioner determines that the rate filing is complete and accepts the filing for review through the electronic rate and form filing system;
     (b) Prepare a rate disclosure summary form in a standard format for carriers to complete and submit to the commissioner electronically as part of each rate filing. The disclosure form must be written in plain language easily understood by the general public. The summary must allow carriers to explain the relationship between premium and health care cost drivers. The summary must set forth, at a minimum, the following: (i) The rate increase, year over year, for annual increases, including historic rate adjustments for at least the past three years; (ii) any percent increase to current rates attributed to mandated changes, not including changes due to demographics; (iii) the number of members impacted by the rate; (iv) the impact of benefit changes on the rate; (v) the products' filed health care trend; (vi) the projected medical loss ratio for the rating period; and (vii) other information the commissioner finds reasonably necessary to help consumers understand the reasons for proposed and accepted rates;
     (c) Prepare a standardized rate summary form, to explain his or her findings after the rate review process is completed. The commissioner's summary form must be included as part of the rate filing documentation and available to the public electronically.
     (6) The commissioner must adopt rules to implement and administer this section. The rules must include, but are not limited to, a process for updating the summary form content referenced in subsection (5)(b) of this section. In adopting rules under this section, the commissioner must consult with carriers, as defined in RCW 48.43.005, and consumers in the development of the summary forms."