The state Senate Committee on Insurance and Housing has approved a House bill regulating insurers’ use of credit-based insurance scores. The committee made only minor, technical changes in the bill.
National Association of Independent Insurers Counsel Ann Weber said House Bill 1502 and 1821 is the product of extensive discussions involving legislators and representatives of insurance companies, agents and trade associations.
Previously, the full House rejected amendments proposed by Gov. Bob Holden and the state Insurance Department that would have undermined the value of using insurance scores.
Weber stressed again that using insurance scores enables auto and homeowners insurers to establish premiums that accurately reflect the risks involved, which is fairer to everyone.
Was this article valuable?
Here are more articles you may enjoy.
Westchester Close to Settling on Hurricane Sally Condo Claim That Topped $230M 
Study: AI May Be Tempering Insurer Hiring 
Zurich Insurance and Beazley Agree to $10.9B Cash Acquisition 
After Florida Charged People With Selling Insurance Licenses, 12 More Arrested 
