New York S04082 prohibits motor vehicle insurers from using socioeconomic factors in setting premiums and rates.

New York S04082 amends the insurance law to prohibit motor vehicle insurers from using socioeconomic factors in determining algorithms for actuarial tables, coverage terms, premiums, and rates. The bill explicitly bans the use of factors such as age, marital status, sex, sexual orientation, educational background, employment, income level, consumer credit information, real property ownership, and price elasticity of demand. Any insurer or insurance company group using these factors will be deemed to violate public policy and subject to disapproval by the superintendent.

New York S04082 prohibits motor vehicle insurers from using socioeconomic factors in setting premiums and rates.

New York S04082 amends the insurance law to prohibit motor vehicle insurers from using socioeconomic factors in determining algorithms for actuarial tables, coverage terms, premiums, and rates. The bill explicitly bans the use of factors such as age, marital status, sex, sexual orientation, educational background, employment, income level, consumer credit information, real property ownership, and price elasticity of demand. Any insurer or insurance company group using these factors will be deemed to violate public policy and subject to disapproval by the superintendent.