This bill aims to amend the Code of West Virginia regarding the use of credit scores and reports in insurance ratings and declinations. It prohibits insurers from declining applications for automobile liability insurance based on the number of inquiries in a credit report or any disputed information within those reports. Additionally, the bill restricts the use of credit scores in casualty insurance rate filings to only those generated by banking institutions, thereby eliminating the consideration of credit scoring in determining rates for homeowners or automobile liability policies.

Furthermore, the bill introduces new provisions that ensure insurers cannot rely on false or potentially false information when making decisions about insurance applications. It emphasizes that legitimate underwriting data can still be used for independent risk assessments. The proposed changes aim to protect consumers from unfair discrimination based on credit history while ensuring that insurers can still evaluate risk effectively.

Statutes affected:
Introduced Version: 33-6B-3, 33-20-3, 33-20-5