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.
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