Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to insurance |
Feb 15, 2011 |
referred to insurance |
Assembly Bill A5273
2011-2012 Legislative Session
Sponsored By
TITONE
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Vanessa Gibson
Annette Robinson
Inez Barron
Hakeem Jeffries
multi-Sponsors
William Colton
Dennis H. Gabryszak
Barbara Lifton
William Magee
2011-A5273 (ACTIVE) - Details
2011-A5273 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5273 2011-2012 Regular Sessions I N A S S E M B L Y February 15, 2011 ___________ Introduced by M. of A. TITONE, GIBSON, ROBINSON, BARRON, JEFFRIES, CASTRO, HOOPER -- Multi-Sponsored by -- M. of A. COLTON, GABRYSZAK, LIFTON, MAGEE, MAYERSOHN -- read once and referred to the Committee on Insurance AN ACT to direct the superintendent of insurance to promulgate rules and regulations relating to excluding the use of "credit scores" in deter- mining auto insurance premiums THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative intent. The legislature finds that the practice of using "credit scores" to determine auto insurance premiums can result in premium fluctuations that are difficult for consumers to manage. In addition, consumers may not be aware of changes in their credit rating and therefore would not have the information they needed to exercise responsible control over a factor which could affect their insurance rates. The legislature further finds that a "credit score" comes from infor- mation contained in consumer credit reports and is considered along with other motor vehicle and driving records to compute insurance risk at a particular point in time. Insurance scoring is predicated on a statis- tical correlation between personal money management and insurance risk. Insurance scoring is one of many factors which can be used to evaluate risks and assign rates. Accordingly, the legislature finds that, since it is a calculation that is one of many used actuarial calculations it need not be a deci- sive factor. It is the purpose of this act to direct the superintendent of insurance to promulgate any rules and regulations necessary to prohibit the use of this method of calculating risk in the formulation of auto insurance premiums on policies held by residents of New York. S 2. The superintendent of insurance shall review the actuarial meth- ods and formulas currently utilized to determine auto insurance premiums EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08081-01-1
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