State Director of Insurance Discusses SB 55

A bill currently being heard in the state senate is continuing to gain attention. Senate Bill 55, sponsored by the Senate Labor and Commerce Committee seeks to change the requirement currently placed on insurers for the use of credit based insurance scores. Brent Kolb, Director of the State’s Division of Insurance outlined the legislation…

 

Kolb: “The legislature made the determination back in 2003, and at that time, it was decided that insurance scores could be used as one of the risk factors in the underwriting of property and causality policies. Since that time, insurance scores have been allowed in our state, at the initial policy placement, and again could be used at renewal with one critical pro-visor or responsibility, in order to continue to use insurance credit scoring, the consumer would have to provide a waiver. Really, that’s the primary thing that this bill does, is address the requirement for the insurance company to get the waiver, the use of credit scoring, that’s not even on the table.”

 

SB 55 has been referred to the Senate Rules committee.

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