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What's happening in insurance today? From market changes and M&A activity to new coverages, the insurance industry is ever-evolving. To stay up-to-date on the business, these articles, which are updated weekly, will help insurance professionals maintain a competitive edge.

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NAMIC, APCIA reject proposed bill banning credit factors in auto underwriting

Industry leaders are less than enthused by the proposed Preventing Credit Score Discrimination in Auto Insurance Act.

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“While this legislation is well intentioned, it would upend risk-based insurance, outlaw factors that actually provide discounts for many policyholders, and create potential availability problems that do not now exist,” Nat Wienecke, SVP of federal government relations at the APCIA, said in a statement. (Photo: Shutterstock) “Preventing insurers from using factors that are predictive of risk of loss would result in less accurate pricing with higher risk drivers paying less and lower risk drivers paying more for insurance,” Nat Wienecke, SVP of federal government relations at the APCIA, said in a statement. (Photo: Shutterstock)

In recent years, much controversy has surrounded the practice of using non-driving factors in determining car insurance rates. This week, the issue was front and center at a hearing of the House Financial Service’s Subcommittee on Housing, Community Development and Insurance.

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Heather Turner

Heather Turner

Heather Turner is digital managing editor of NU PropertyCasualty360.

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