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History
- Referred to insurance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2975
Title of bill
An act to amend the insurance law, in relation to prohibiting automobile insurers from using an applicant's or insured's credit history in the underwriting, rating or premiums for a policy of automobile insurance
Purpose or general idea of bill
Prohibits the automobile insurance companies from using an applicant's or insured's credit history in the underwriting, rating or premiums of automobile insurance rate.
Summary of specific provisions
Section 1 amends the insurance law by prohibiting the automobile insur- ance companies from using an applicant's or insured's credit history in the underwriting, rating or Premiums of automobile insurance rate.
Section 2 states the effective date.
Justification
Automobile insurance companies currently use credit history and/or score as a tool to determine car insurance rates/premiums, which is irrelevant. Car insurance companies should only be able to use driving records, such as moving violations as a means of determining insurance premiums.
Legislative history
2010: S.3684: Held in Insurance 2011: S.3931-A: Referred to Insurance 2012: S.3931-A: 01/04/12- Referred to Insurance 02/01/12- Amend and recommit to Insurance 02/01/12- Print number 3931a
Fiscal implications
None.
Effective date
This act shall take effect on the thirtieth day after it shall have become a law and shall apply to all policies, issued, renewed, modified or altered on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.