Motor vehicle insurance; premiums based on credit information. (SB1430)

Introduced By

Sen. Mark Obenshain (R-Harrisonburg)

Progress

√
 Introduced
X
 Passed Committee
☐
 Passed House
☐
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

Motor vehicle insurance; premiums based on credit information.  Prohibits insurers from setting rates for motor vehicle insurance on the basis of a person's credit history or credit score. Amends § 38.2-2212, § 38.2-2213, § 38.2-2234, of the Code of Virginia. View Full Text »

Status

01/24/2011: Failed to Pass in Committee

History

  • 01/20/2011 Presented and ordered printed 11104216D
  • 01/20/2011 Referred to Committee on Commerce and Labor
  • 01/24/2011 Passed by indefinitely in Commerce and Labor (14-Y 0-N) (see vote tally)
  • 01/31/2011 Impact statement from SCC (SB1430)

Comments

Jim Duncan writes:

Curious about the rationale for this bill - credit histories, while sometimes flawed, do tend to be an indicator or risk. Why shouldn't insurance companies be allowed to implement a risk factor in pricing?

Posted 28 months ago.
robert legge writes:

I'll assume that credit histories do TEND to be an indicator of risk for causing car crashes, although I'm not sure how good of an indicator they really are. Seems like it would be hard to know whether the ins. biz was using them or not. That said, I don't mind seeing some kind of restriction on all this use of personal info.

Posted 28 months ago.