Assembly Bill A3880

2013-2014 Legislative Session

Directs the superintendent of financial services to promulgate rules and regulations limiting the use of credit scores to determine automobile insurance premiums

download bill text pdf

Sponsored By

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

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2013-A3880 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance
Versions Introduced in Other Legislative Sessions:
2009-2010: A10327
2011-2012: A5273
2015-2016: A2881
2017-2018: A7482

2013-A3880 (ACTIVE) - Summary

Directs the superintendent of financial services to promulgate rules and regulations limiting the use of credit scores to determine automobile insurance premiums.

2013-A3880 (ACTIVE) - Bill Text download pdf

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

                                  3880

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2013
                               ___________

Introduced  by M. of A. TITONE, GIBSON, ROBINSON, BARRON, CASTRO, HOOPER
  -- Multi-Sponsored by -- M. of A. COLTON, GABRYSZAK, LIFTON, MAGEE  --
  read once and referred to the Committee on Insurance

AN  ACT to direct the superintendent of financial services to promulgate
  rules and regulations relating to excluding the use of "credit scores"
  in determining 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 financial services to promulgate any rules and regulations  necessary
to  prohibit  the  use  of this method of calculating risk in the formu-
lation of auto insurance premiums on policies held by residents  of  New
York.
  S 2. The superintendent of financial services shall review the actuar-
ial  methods and formulas currently utilized to determine auto insurance

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03926-01-3
              

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