Insurance; use of credit rating. (HB2230)

Introduced By

Del. Lamont Bagby (D-Richmond)

Progress

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

Description

Insurance; use of credit rating. Clarifies what constitutes adverse action in the use of credit in the rating and underwriting of homeowners and private passenger automobile insurance policies. An insurer is required to notify the applicant or insured when an insurer takes adverse action based on credit information. The measure conforms the definition of adverse action to the U.S. Supreme Court's decision in Safeco Insurance Company v. Burr, in which it held that an adverse action has occurred only when the use of credit information puts the applicant or insured in a worse position than if credit had not been considered. Amends § 38.2-2126, § 38.2-2234, of the Code of Virginia. Read the Bill »

Status

01/08/2019: Awaiting a Vote in the Commerce and Labor Committee

History

DateAction
01/08/2019Committee
01/08/2019Prefiled and ordered printed; offered 01/09/19 19103008D
01/08/2019Referred to Committee on Commerce and Labor
01/14/2019Impact statement from SCC (HB2230)

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