This bill introduces new regulations for financial institutions and insurers, mandating that they base their service provision decisions on objective, quantitative, and risk-based criteria. Specifically, it prohibits these entities from denying or canceling services based on non-quantitative factors, including a person's political opinions, religious beliefs, or affiliations, unless the institution claims a religious purpose. The bill also outlines that financial institutions and insurers must analyze risk factors unique to each customer and cannot use social credit scores or other subjective measures in their decision-making processes.

Additionally, the bill amends existing laws to include provisions that protect individuals from discrimination in banking and insurance services. It specifies that any denial or cancellation of services based on the aforementioned non-quantitative factors constitutes an unfair or deceptive act, subjecting violators to penalties under existing trade and commerce laws. The bill emphasizes the importance of sound underwriting and actuarial principles in insurance determinations while maintaining the right for religiously affiliated institutions to consider religious beliefs in their assessments. The act will take effect 60 days after its passage.

Statutes affected:
Introduced: 417:4