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IN HB1048
Bill
Status
1/6/2015
Primary Sponsor
Matthew Lehman
Click for details
AI Summary
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Prohibits insurers from considering credit information in any manner when renewing personal insurance policies, with limited exceptions.
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Requires insurers to re-underwrite and re-rate a personal insurance policy at annual renewal upon request of the insured or insured's agent using current credit information, unless specific conditions apply.
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Mandates that if re-underwriting results in the insured being eligible for a less favorably priced tier, the insurer must maintain the insured in their current tier, which is not considered a discriminatory act.
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Restricts insurance scoring from using income, gender, address, ZIP code, ethnic group, religion, marital status, or nationality as factors.
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Effective July 1, 2015.
Legislative Description
Credit scoring. Generally prohibits an insurer from considering credit information in connection with the renewal of a personal insurance policy. Provides that: (1) if an insurer uses a credit report or insurance score to re-underwrite or re-rate a personal insurance policy at the request of the insured or the insured's agent at annual renewal; and (2) if the result is that the insured is eligible to be placed in a less favorably priced tier; the insurer is required to maintain the insured in the insured's current tier. Removes a disclosure exemption.
Last Action
First Reading: referred to Committee on Insurance
1/6/2015