Nevada Division of Insurance Regulation Prohibits Using Adverse Credit Information To Increase Premiums – IOTW Report

Nevada Division of Insurance Regulation Prohibits Using Adverse Credit Information To Increase Premiums

Nevada Globe:

 The Nevada Supreme Court has upheld a regulation that prohibits insurance companies from using adverse credit information to increase premiums until May 20, 2024.

The regulation was put in place by Nevada’s Division of Insurance after officials found that premium increases resulting from credit-based insurance scores during the COVID-19-induced lockdowns of 2020 created an unfairly discriminatory result.

The National Association of Mutual Insurance Companies filed a lawsuit arguing that the temporary ban was unconstitutional, but the court upheld the ban.

State officials are still working to see how many carriers are affected by the decision and will offer guidance on how to comply with the court’s ruling.

6 Comments on Nevada Division of Insurance Regulation Prohibits Using Adverse Credit Information To Increase Premiums

  1. Watch as every insurer leaves Nevada.
    Leaving the government to provide insurance. Which, of course, is the commies’ goal. After all, that’s basically 0bamacare for a different product.

    10
  2. This is nothing new.
    I left an auto insurance company because of that policy.
    Many years (decades) ago, back when first married and just starting my job career, my credit score sucked, but my driving was impeccable.
    Yet my auto insurance rates kept going up because of the company’s “credit score” policy.
    I eventually found another company that DIDN’T rate by credit score. And I guess the first company was taking the financial hit, so as far as I know, they quit that policy. I think.

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