NY A03488

Directs the superintendent of financial services to review actuarial methods used to determine auto insurance premiums for New York residents, specifically examining whether credit scores or consumer credit reports are used to calculate insurance risk.

Requires the superintendent to promulgate amended or new rules and regulations that prohibit the use of credit scoring methods in determining auto insurance premiums if such methods are currently being used.

Prohibits future use of credit scoring methods in auto insurance premium calculations through regulatory action by the superintendent.

Takes effect 120 days after becoming law, with authorization for the superintendent to adopt necessary rules and regulations immediately to meet the effective date.