Bill > HB80

This bill modifies the Personal Insurance Credit Information Act to further restrict how insurance companies can use credit, education, and occupation information when underwriting, rating, or renewing certain insurance policies. Specifically, the bill expands existing limitations on insurers by prohibiting them from using an applicant's credit information, insurance scores, education, or occupation when underwriting, rating, or renewing insurance policies for private passenger automobiles, motorcycles, and recreational vehicles used for personal purposes. The bill maintains previous restrictions, such as preventing insurers from using credit information related to a consumer's income, gender, address, race, color, national origin, religion, or marital status, and requiring insurers to consider multiple factors when making underwriting decisions. The legislation also continues to protect consumers by limiting how and when insurers can use credit information, such as prohibiting the use of credit information older than 90 days and requiring insurers to recalculate insurance scores at least every 36 months. These changes aim to prevent potential discriminatory practices in insurance pricing and coverage.

Health and Social Services

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=80&year=25