Automobile insurance policies; use of credit and driving record information. (HB355)

Introduced By

Sen. Jennifer McClellan (D-Richmond)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Automobile insurance policies; use of credit and driving record information.  Prohibits insurers from nonrenewing, cancelling, increasing any charge, or taking other adverse action regarding motor vehicle insurance on the basis of a person's credit history or credit score if the person has a perfect driving record, which is defined as not having a motor vehicle operator's license suspended or revoked, not being convicted of a moving traffic violation, not having a motor vehicle accident or filing a claim in which the person was at fault, within the preceding three years. The measure also authorizes an insured to have their insurer reevaluate the insured based on corrected driving record information. Finally, the measure directs the Bureau of Insurance of the State Corporation Commission to compile and review all reputable studies that address the extent to which (i) automobile insurance credit scoring models based on credit information, credit scores, or similar financial information are effective predictors of risk and (ii) any such additional risk is appropriately reflected in rates for such insurance and to recommend changes to ensure that the use of automobile insurance credit scoring models does not result in rates that are higher than is required to account for additional risk. Amends § 38.2-2212, § 38.2-2213, § 38.2-2234, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2012Committee
01/10/2012Prefiled and ordered printed; offered 01/11/12 12100359D
01/10/2012Referred to Committee on Commerce and Labor
01/19/2012Assigned C & L sub: #2
01/22/2012Impact statement from SCC (HB355)
02/02/2012Subcommittee recommends passing by indefinitely
02/14/2012Left in Commerce and Labor (0-Y 0-N) (see vote tally)