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.
STATE OF NEW YORK
________________________________________________________________________
3931--A
2011-2012 Regular Sessions
IN SENATE
March 10, 2011
___________
Introduced by Sen. ADAMS -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance -- recommitted
to the Committee on Insurance in accordance with Senate Rule 6, sec. 8
-- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee
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:
1 Section 1. Section 3425 of the insurance law is amended by adding a
2 new subsection (t) to read as follows:
3 (t) No insurer shall use an applicant's or insured's credit rating,
4 credit history or lack of a credit history as a factor in the underwrit-
5 ing of, rating of, premiums for or the decision to issue or renew a
6 covered policy for automobile insurance to such applicant or insured.
7 § 2. This act shall take effect on the thirtieth day after it shall
8 have become a law and shall apply to all policies, issued, renewed,
9 modified or altered on or after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04319-02-1
