How does the OIC review insurance rates?

If an insurance company wants to change the base rate for its home or auto policies in Washington state, it has to file the change with the Office of the Insurance Commissioner. But what are those rates, really, and what authority does the OIC have to approve or disapprove them? Why do they change, and what type of analysis is involved in the review process? On this episode of OIC Answers, hosts Aaron and Matt welcome on the agency’s lead property and casualty actuary to explain the science and standards behind the P&C rate review process.