New York S04131 directs the superintendent of financial services to limit the use of credit scores in determining auto insurance premiums.

New York S04131 directs the superintendent of financial services to review and, if necessary, promulgate rules and regulations to prohibit the use of credit scores in determining auto insurance premiums. The bill aims to address premium fluctuations and consumer awareness issues related to credit scoring methods. The superintendent must review current actuarial methods and formulas, determine if credit scores are used, and implement necessary regulations to prohibit their use. The act will take effect 120 days after becoming law.

New York S04131 directs the superintendent of financial services to limit the use of credit scores in determining auto insurance premiums.

New York S04131 directs the superintendent of financial services to review and, if necessary, promulgate rules and regulations to prohibit the use of credit scores in determining auto insurance premiums. The bill aims to address premium fluctuations and consumer awareness issues related to credit scoring methods. The superintendent must review current actuarial methods and formulas, determine if credit scores are used, and implement necessary regulations to prohibit their use. The act will take effect 120 days after becoming law.