Bill > S0215

This bill amends South Carolina laws related to automobile insurance to prohibit insurers from using credit-based insurance scores or credit ratings when determining insurance coverage, premium rates, or policy renewals. Specifically, the bill modifies existing statutes to explicitly prevent insurance companies from using factors like numerical credit-based insurance scores, credit ratings, race, color, creed, national origin, ancestry, or income level as a basis for issuing, pricing, or renewing automobile insurance policies. The legislation maintains that insurers can still set rates using relevant actuarial data and can use territorial plans approved by the state's insurance director. The bill reinforces anti-discrimination protections in auto insurance by expanding the list of prohibited factors that can be used to deny coverage or determine insurance rates, with potential penalties of up to $200,000 for insurers found to be participating in patterns of unfair discrimination. The changes will take effect upon approval by the Governor, aiming to ensure more equitable access to automobile insurance for South Carolina residents.

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https://www.scstatehouse.gov/billsearch.php?billnumbers=0215&session=126&summary=B