Virginia SB693 prohibits insurers from using consumer credit information to set motor vehicle insurance rates.
Virginia SB693 amends the state's insurance laws to prohibit insurers from using consumer credit information or scores to establish rates for motor vehicle insurance policies. The bill defines any use of consumer credit information for this purpose as unfair discrimination. Insurers may still use consumer credit information to offer premium reductions, provided the insured authorizes such use. The provisions do not apply to certain types of insurance, including workers' compensation, life insurance, and accident and sickness insurance.
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