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2003 SESSION

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SB 1284 Use of credit information in insurance transactions.

Introduced by: Phillip P. Puckett | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Use of credit information in insurance transactions. Prohibits insurers from nonrenewing homeowners, renters, or motor vehicle insurance policies based on credit information contained in a consumer report. If credit information is used in part as the basis of nonrenewal, the report must have been procured within 120 days from the date of the nonrenewal. The measure also establishes requirements concerning the use of credit information and credit scores for underwriting, tier placement, or rating purposes with respect to such insurance policies. This bill is identical to House Bill 2535.

SUMMARY AS PASSED SENATE:

Use of credit information in insurance transactions. Prohibits insurers from nonrenewing homeowners, renters, or motor vehicle insurance policies based on credit information contained in a consumer report. If credit information is used in part as the basis of nonrenewal, the report must have been procured within 120 days from the date of the nonrenewal. The measure also establishes requirements concerning the use of credit information and credit scores for underwriting, tier placement, or rating purposes with respect to new policies and renewals.

SUMMARY AS INTRODUCED:

Use of credit information in insurance transactions. Prohibits insurers from nonrenewing homeowners, renters, or motor vehicle insurance policies based on credit information contained in a consumer report. If credit information is used in part as the basis of nonrenewal, the report must have been procured within 120 days from the date of the nonrenewal. The measure also establishes requirements concerning the use of credit information and credit scores for underwriting, tier placement, or rating purposes with respect to new policies and renewals.