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History
- Referred to insurance
Full text
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Sponsor's memo
BILL NUMBER:S6274
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
Prohibits 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 provisions
Section 1: amends the insurance law by prohibiting automobile insurance companies from using an applicant's or insured's credit history in the underwriting, rating or Premiums of automobile insurance rate.
Section 2: 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
S.2975 (2013) - Referred to Insurance S.3931A (2012) - Referred to Insurance S.3684 (2010) - Referred to Insurance
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.