NY A05638

Directs the Superintendent of Financial Services to review actuarial methods used to determine auto insurance premiums for New York consumers

Prohibits the use of credit scores or consumer credit reports as factors in calculating auto insurance premiums for New York residents

Requires the Superintendent to promulgate rules either eliminating current credit scoring methods or prohibiting their future use, depending on whether insurers currently utilize them

Takes effect 120 days after becoming law, with immediate authority to begin drafting necessary regulations

Legislature finds credit scores create premium fluctuations difficult for consumers to manage and that consumers often lack awareness of credit rating changes affecting their rates