SB340: relative to using credit rating for purposes of automobile and homeowner insurance.

SB 340 – AS INTRODUCED

2010 SESSION

10-2919

01/09

SENATE BILL 340

AN ACT relative to using credit rating for purposes of automobile and homeowner insurance.

SPONSORS: Sen. Cilley, Dist 6

COMMITTEE: Commerce, Labor and Consumer Protection

ANALYSIS

This bill makes it a discriminatory and unfair insurance trade practice to charge higher premiums for automobile and homeowner insurance based on credit rating. Current law allows the use of credit reports for such purposes if it is not the sole reason for higher premiums.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

10-2919

01/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Ten

AN ACT relative to using credit rating for purposes of automobile and homeowner insurance.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Unfair Insurance Trade Practice; Automobile Insurance and Homeowner Insurance. Amend RSA 417:4, VIII(g) to read as follows:

(g) Charging a higher premium for private passenger automobile or homeowner insurance [solely] on the basis of information obtained from a credit rating, a credit history, or a credit scoring model.

2 Effective Date. This act shall take effect January 1, 2011.