Establishes "Car Insurance Reduction Act"; modifies current law addressing requirements of automobile insurers for underwriting rate calculations and reductions, and reporting requirements to State.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill, the "Car Insurance Reduction Act," aims to modify existing regulations governing how automobile insurance companies calculate rates and make underwriting decisions. It requires insurers to clearly explain their rating plans to policyholders, prohibits using factors like credit history or occupation in underwriting, and mandates that insurers allow consumers to compare coverage options and premiums online. Furthermore, it establishes reporting requirements to combat insurance fraud and encourages the use of telematics for safe driving discounts.
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