Senate Bill No. 345 Summary

• Prohibits insurers from using credit information to underwrite or rate personal insurance risks effective July 1, 2018.

• Repeals seven definitional sections (IC 27-2-21-1 through 27-2-21-12) containing outdated terms related to credit information use in insurance.

• Amends IC 27-2-21-16 to establish specific restrictions on credit-based underwriting practices, including prohibitions on using insurance scores based on income, gender, address, ZIP code, ethnicity, religion, marital status, or nationality.

• Requires insurers to re-underwrite and re-rate policies upon consumer request at annual renewal (with limited exceptions) and restricts use of certain credit inquiry types as negative factors in insurance scoring.

• Requires insurers to provide written disclosure that credit information may be obtained during application and establishes notice requirements when adverse actions are taken based on credit information.