The bill proposes to repeal and replace section 375.918 of the Revised Statutes of Missouri, establishing new regulations regarding the use of credit scores in determining insurance rates. Key provisions include definitions of terms such as "adverse action," "credit report," and "insurance credit score." Insurers are prohibited from taking adverse actions based solely on credit reports or insurance credit scores without considering other noncredit-related factors. Additionally, insurers must disclose their use of credit information at the time of application and cannot act on disputed information until the dispute is resolved. A significant new provision states that, starting August 28, 2026, insurers will not be allowed to use any information from consumer reporting agencies or insurance credit scores derived from such information to determine rates for automobile insurance policies. This change aims to protect consumers from potential negative impacts of credit-related factors on their insurance premiums. The bill also outlines the rights of applicants and policyholders regarding adverse actions, including the right to request explanations and reunderwriting after corrections to credit information.

Statutes affected:
Introduced (6409H.01): 375.918