MO HB1406

Prohibits insurers from taking adverse actions against new applicants based solely on credit reports or insurance credit scores without considering another noncredit-related underwriting factor.

Requires insurers to disclose at time of application that they may gather credit information and provide notice of adverse actions including the consumer reporting agency's contact information and rights to dispute information.

Bans insurers from using credit information against currently insured persons renewing existing contracts with the insurer, and prohibits considering insurance inquiries as negative factors in credit scoring formulas.

Restricts credit scoring entities from selling consumer data or lists containing credit inquiry information to parties other than the insurer, its affiliates, and the originating producer.

Applies to all insurance contracts entered into on or after January 1, 2013, and violations are enforceable under section 374.280.