SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2003 SESSION

  • | print version

HB 2753 Insurance; use of credit information.

Introduced by: Watkins M. Abbitt, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Insurance; use of credit information. Sets forth specific criteria for insurers who use consumer credit information to underwrite risks in motor vehicle insurance and fire insurance policies. Insurers are prohibited from denying, cancelling, or nonrenewing a policy solely based on credit information, basing an insured's rates solely upon credit information, or considering the absence of credit information in underwriting. Insurers that use credit information in underwriting are required to update an insured's credit information every 36 months. If an insurer uses credit information in underwriting, it must disclose so on the insurance application. If an insurer takes an adverse action based upon credit information, the insurer must notify the consumer and explain the reason for the action in specific terms. Insurers are required to file their credit scoring models or other scoring processes with the Bureau of Insurance.


FULL TEXT

HISTORY