Senate Bill No. 61, introduced by Senator Luneau, amends existing laws regarding the use of credit information in the underwriting and rating of personal insurance policies. The bill mandates that insurers disclose to consumers that they may obtain credit information during the application process, either on the application itself or at the time it is taken. Additionally, insurers are required to provide consumers with a copy of any credit information obtained in connection with their initial application or any subsequent renewal policy. The bill also includes provisions for adverse action notifications, requiring insurers to inform consumers when an adverse action is taken based on credit information and to provide clear explanations for such actions.

Furthermore, the bill stipulates that insurers using insurance-related scoring systems must file their scoring models with the Department of Insurance, which will review these models to ensure compliance with the law. The language of the bill retains the existing provisions regarding the treatment of credit information as a trade secret under the Uniform Trade Secrets Act, while also making technical changes for clarity. The proposed changes are set to take effect on August 1, 2025.

Statutes affected:
SB61 Original:
SB61 Engrossed: