Motor vehicle insurance; premiums based on credit information. (SB1430)
Introduced By
Sen. Mark Obenshain (R-Harrisonburg)
Progress
✓ |
Introduced |
✗ |
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. Read the Bill »
Status
01/24/2011: Failed to Pass in Committee
History
Date | Action |
---|---|
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
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?
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.