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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Directs the superintendent of insurance to promulgate rules and regulations limiting the use of credit scores to determine automobile insurance premiums
In Senate Committee · Insurance · Sponsor Hiram Monserrate
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to direct the superintendent of insurance to promulgate rules and regulations relating to excluding the use of "credit scores" in determining auto insurance premiums
Purpose
Directs the superintendent of insurance to promulgate rules and regulations limiting the use of credit scores to determine auto insurance premiums.
Summary of provisions
The superintendent of insurance shall review the actual methods and formulas currently utilized to determine auto insurance premiums for NY consumers. If the superintendent determines that such methods are currently utilized he or she shall promulgate amended rules and regulations which do not include the use of "credit scoring" and regulation which prohibit the future use of credit scoring methods.
Justification
This bill allows the superintendent of insurance to promulgate rules and regulations excluding the use of credit scores, not allowing insurance companies to raise or lower premium rates based on credit score history.
Legislative history
New Bill.
Fiscal implications
None.
Effective date
This act shall take effect on the one hundredth twentieth day after it shall have become a law, provided however, that effective immediately, the addition, amendment and/or repeal of any rules or regulations necessary for the implementation of the foregoing sections of this act on its effective date is authorized and directed to be made and completed on or before such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.