Directs the superintendent of financial services to limit the use of credit scores in determining auto insurance premiums.

New York Assembly Bill A05638 aims to address the use of credit scores in determining auto insurance premiums. The bill directs the superintendent of financial services to promulgate rules and regulations that limit or prohibit the use of credit scores. The superintendent must review current actuarial methods and formulas, and if credit scores are used, new rules must exclude them. If credit scores are not currently used, the superintendent must prohibit their future use. The bill will take effect 120 days after becoming law, with rules and regulations to be implemented immediately.

Directs the superintendent of financial services to limit the use of credit scores in determining auto insurance premiums.

New York Assembly Bill A05638 aims to address the use of credit scores in determining auto insurance premiums. The bill directs the superintendent of financial services to promulgate rules and regulations that limit or prohibit the use of credit scores. The superintendent must review current actuarial methods and formulas, and if credit scores are used, new rules must exclude them. If credit scores are not currently used, the superintendent must prohibit their future use. The bill will take effect 120 days after becoming law, with rules and regulations to be implemented immediately.