This bill amends Iowa law regarding the use of credit information by insurers for personal insurance policies. Specifically, it updates the definition of personal insurance to include various types of coverage such as homeowners, farm owners, personal watercraft, and boat insurance, while removing references to private passenger automobile, motorcycle, snowmobile, and recreational vehicle insurance.

Additionally, the bill introduces a new provision that explicitly prohibits insurers from using credit information to underwrite or rate risks for motor vehicle financial liability coverage policies. This means that insurers cannot consider a policyholder's credit information when determining rates or coverage for liability insurance related to motor vehicles, ensuring that credit history does not impact the availability or cost of such insurance.

Statutes affected:
Introduced: 515.103