Insurance underwriting; Bureau of Insurance to study use of credit history. (HJ594)

Introduced By

Del. Scott Lingamfelter (R-Woodbridge) with support from co-patron Sen. Jennifer McClellan (D-Richmond)

Progress

Introduced
Passed Committee
Passed House
Passed Senate

Description

Study; Bureau of Insurance to study use of credit history in insurance underwriting; report. Requests the Bureau of Insurance to study the use by insurers of an insured's or applicant's credit information in connection with underwriting motor vehicle insurance policies. Read the Bill »

Status

02/24/2015: Passed the Senate

History

DateAction
01/12/2015Committee
01/12/2015Prefiled and ordered printed; offered 01/14/15 15102199D
01/12/2015Referred to Committee on Rules
01/27/2015Assigned Rules sub: Studies
01/29/2015Subcommittee recommends reporting (4-Y 0-N)
02/06/2015Reported from Rules (14-Y 0-N) (see vote tally)
02/09/2015Taken up
02/09/2015Engrossed by House
02/09/2015Agreed to by House BLOCK VOTE (92-Y 0-N)
02/09/2015VOTE: BLOCK VOTE ADOPTION (92-Y 0-N) (see vote tally)
02/10/2015Reading waived
02/10/2015Referred to Committee on Rules
02/20/2015Reported from Rules
02/23/2015Reading waived (40-Y 0-N) (see vote tally)
02/24/2015Read third time
02/24/2015Agreed to by Senate by voice vote
02/25/2015Bill text as passed House and Senate (HJ594ER)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 55 seconds.

Comments

robert legge writes:

How are credit histories used in other states for insurance purposes?

Waldo Jaquith writes:

Credit scores are a factor that insurance companies consider when determining both whether to provide coverage and how much to charge for that coverage, by using credit score as a proxy for risk.

robert legge writes:

There are plenty of other proxies for risk such as race, income,education attainment, etc. But should those be used in determining premiums? What the insurance industry needs to show is that there really is something about having a low credit score that makes a driver more of a risk.