Bill > HB1228

This bill mandates that the State Corporation Commission's Bureau of Insurance will conduct a study on how insurance companies use consumer credit information, also known as credit-based insurance scores, when determining rates for car insurance policies. The study will specifically look at existing Virginia laws to see if they unfairly impact policyholders, evaluate whether using credit information instead of driving records and other driving-related factors is appropriate for setting premiums and insurance tiers, and assess if this practice discriminates against individuals with lower incomes or younger drivers who may have credit issues or no credit history. The Department of Motor Vehicles will help with this study, and the Bureau is required to report its findings and suggestions to the relevant legislative committees by October 1, 2026.

Business and Industry

https://lis.virginia.gov/bill-details/20261/HB1228