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
Date | Action |
---|---|
01/12/2015 | Committee |
01/12/2015 | Prefiled and ordered printed; offered 01/14/15 15102199D |
01/12/2015 | Referred to Committee on Rules |
01/27/2015 | Assigned Rules sub: Studies |
01/29/2015 | Subcommittee recommends reporting (4-Y 0-N) |
02/06/2015 | Reported from Rules (14-Y 0-N) (see vote tally) |
02/09/2015 | Taken up |
02/09/2015 | Engrossed by House |
02/09/2015 | Agreed to by House BLOCK VOTE (92-Y 0-N) |
02/09/2015 | VOTE: BLOCK VOTE ADOPTION (92-Y 0-N) (see vote tally) |
02/10/2015 | Reading waived |
02/10/2015 | Referred to Committee on Rules |
02/20/2015 | Reported from Rules |
02/23/2015 | Reading waived (40-Y 0-N) (see vote tally) |
02/24/2015 | Read third time |
02/24/2015 | Agreed to by Senate by voice vote |
02/25/2015 | Bill text as passed House and Senate (HJ594ER) |
Comments
How are credit histories used in other states for insurance purposes?
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.
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.