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MO HB214
Bill
Status
1/7/2015
Primary Sponsor
Lyndall Fraker
Click for details
AI Summary
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Prohibits insurers from using credit reports or insurance credit scores to take adverse actions against existing policyholders at renewal; credit-based underwriting restrictions now apply only to new applicants
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Expands the definition of "adverse action" to align with the federal Fair Credit Reporting Act, including policy cancellation/denial, charging higher premiums due to credit history, or reducing coverage terms
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Broadens the scope of covered insurance contracts from automobile and property policies to all insurance issued in Missouri, excluding only mortgage and commercial insurance
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Requires insurers to consider at least one non-credit-related underwriting factor before taking adverse action against new applicants based on credit information
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Effective date changed from July 1, 2003 to January 1, 2016 for contracts subject to these provisions
Legislative Description
Changes the laws regarding the use of credit information when underwriting insurance contracts and prohibits insurers from taking adverse actions based on a person's credit report or insurance score
Last Action
Referred: Property, Casualty, and Life Insurance(H)
5/15/2015