This bill aims to amend the Code of West Virginia by adding a new section, 33-11-4c, which addresses unfair trade practices in the insurance industry. Specifically, it prohibits the use of an individual's credit history in certain insurance transactions related to passenger motor vehicles, residential property, and other personal insurance lines. The bill outlines three key prohibitions: insurers cannot refuse to underwrite, cancel, or refuse to renew a policy based on credit history; they cannot rate a risk or adjust premiums based on credit history; and they cannot require specific payment plans influenced by an applicant's or insured person's credit history.

The intent of this legislation is to protect consumers from potential discrimination in insurance practices based on their credit history, ensuring that access to insurance is not unfairly limited or penalized due to an individual's financial background. By implementing these changes, the bill seeks to promote fairness and equity in the insurance market in West Virginia.

Statutes affected:
Introduced Version: 33-11-4c