A Montana bill that would have banned an automobile insurer from refusing to insure or refusing to continue to insurance an individual, or varying rates or limiting the scope or amount of coverage or benefits available to an individual based in any part on the individual’s credit history failed to pass in the recent legislative session.
The Property Casualty Insurers Association of America’s regional manager Kelly Campbell said, “Consumers scored another win with the defeat of the insurance scoring ban legislation. Insurers consider credit information in their underwriting and pricing decisions for only one reason — to rate and price business with a greater degree of accuracy and certainty. The more accurately our companies can price, the better they can compete, and increased competition leads to greater choice and lower costs for consumers. And despite the slumping economy, credit scores are remaining steady and consumers are continuing to benefit greatly from credit-based insurance scoring.”
PCI had testified against the proposed bill.
Sources: Montana Legislature, PCI
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