Rhode Island S2763 prohibits using credit history in setting auto insurance rates.

Rhode Island S2763 amends the Motor Vehicle Reparations Act to prohibit insurers from considering an applicant's credit history or credit score when determining automobile insurance rates. Instead, insurers must base rates solely on the applicant's past claim experience, using merit rating or experience rating principles. This change aims to ensure that insurance rates are determined by relevant driving history rather than financial history. The act takes effect upon passage.

Rhode Island S2763 prohibits using credit history in setting auto insurance rates.

Rhode Island S2763 amends the Motor Vehicle Reparations Act to prohibit insurers from considering an applicant's credit history or credit score when determining automobile insurance rates. Instead, insurers must base rates solely on the applicant's past claim experience, using merit rating or experience rating principles. This change aims to ensure that insurance rates are determined by relevant driving history rather than financial history. The act takes effect upon passage.