The proposed bill amends the "Personal Insurance Credit Information Act" in New Mexico to prohibit insurers from using certain personal information in the underwriting, rating, and renewal of specific insurance policies. Notably, the bill introduces a new provision that explicitly forbids the use of credit information, insurance scores, and an applicant's education or occupation when underwriting, rating, or renewing insurance policies for private passenger automobiles, motorcycles, or recreational vehicles intended for personal use.

Additionally, the bill outlines various limitations on the use of credit information by insurers, including restrictions on using insurance scores based on factors such as income, gender, and marital status. Insurers are also required to consider other underwriting factors and cannot take adverse actions based on outdated credit information. The amendments aim to ensure fair treatment of consumers in the insurance market by limiting the influence of credit-related factors on insurance decisions.

Statutes affected:
introduced version: 59A-17A-1, 59A-17A-4