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Senate Bill S6274

2013-2014 Legislative Session

Prohibits automobile insurers from considering an applicant's or insured's credit history in the process of providing a policy of automobile insurance

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Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee

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2013-S6274 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง3425, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: S3684
2011-2012: S3931

2013-S6274 (ACTIVE) - Summary

Prohibits automobile insurers from considering an applicant's or insured's credit history, credit rating or lack of a credit history as a factor in the underwriting, rating, premiums, or the decision of issuance or renewal of any automobile insurance policy to such applicant or insured.

2013-S6274 (ACTIVE) - Sponsor Memo

2013-S6274 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6274

                            I N  S E N A T E

                             January 9, 2014
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance

AN ACT to amend the insurance law, in relation to prohibiting automobile
  insurers from using an applicant's or insured's credit history in  the
  underwriting, rating or premiums for a policy of automobile insurance

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 3425 of the insurance law is amended  by  adding  a
new subsection (t) to read as follows:
  (T)  NO  INSURER  SHALL USE AN APPLICANT'S OR INSURED'S CREDIT RATING,
CREDIT HISTORY OR LACK OF A CREDIT HISTORY AS A FACTOR IN THE UNDERWRIT-
ING OF, RATING OF, PREMIUMS FOR OR THE DECISION  TO  ISSUE  OR  RENEW  A
COVERED POLICY FOR AUTOMOBILE INSURANCE TO SUCH APPLICANT OR INSURED.
  S  2.  This  act shall take effect on the thirtieth day after it shall
have become a law and shall apply  to  all  policies,  issued,  renewed,
modified or altered on or after such date.







 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06047-01-3

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