HP0335, LD 419, item 2 , Document Text

Amend the bill by striking out everything after the enacting clause and before the summary and inserting the following:

‘Sec. 1. 24-A MRSA §2169-B, sub-§4-A is enacted to read:

4-A. Notice of impact of insurance score on premium. In addition to the notices required in subsections 3 and 4, if an insurer uses credit information to calculate an insurance score for underwriting and rating purposes in accordance with this section, the insurer shall disclose to the insured that the insured is paying either a higher or lower premium based upon the insured's insurance score. An insurer may demonstrate compliance with this subsection by using one of the following disclosure statements: "You are paying a higher premium for this policy based upon your credit-based insurance score." or "You are paying a lower premium for this policy based upon your credit-based insurance score."’

summary

This amendment is the majority report of the committee and replaces the bill. The amendment requires that insurers that use credit scores disclose to an insured that the insured's premium is either higher or lower based upon the insured's credit-based insurance score.

HP0335 LD 419	First Regular Session - 123rd Legislature - Text: MS-Word, RTF or PDF		LR 864 Item 2
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