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VA SB693
VA SB693Motor vehicle insurance; unfair discrimination based on individual's consumer credit info., report.
summary
Introduced
01/14/2026
01/14/2026
In Committee
02/26/2026
02/26/2026
Crossed Over
03/05/2026
03/05/2026
Passed
Dead
Introduced Session
Potential new amendment
2026 Regular Regular Session
Bill Summary
Motor vehicle insurance; use of certain factors to establish rates prohibited. Prohibits an insurer from refusing to insure, refusing to continue to insure, or limiting the amount or extent of motor vehicle insurance coverage, or charge an individual a different rate for the same motor vehicle insurance coverage, solely because of such individual's consumer credit information or credit-based insurance score. The bill also directs the State Corporation Commission's Bureau of Insurance to study the use by insurers of an insured's or applicant's consumer credit information or credit-based insurance score in connection with underwriting motor vehicle insurance polices and to submit a report of its findings and recommendations by October 1, 2026.
AI Summary
This bill amends existing Virginia law to prohibit insurance companies from using consumer credit information or credit-based insurance scores to determine rates for motor vehicle insurance policies. This means insurers can no longer refuse to provide or continue coverage, limit coverage, or charge different rates for the same motor vehicle insurance solely based on an individual's credit history or credit score. The bill also mandates a study by the State Corporation Commission's Bureau of Insurance to examine the appropriateness and potential discriminatory effects of using credit information in motor vehicle insurance underwriting and pricing, with assistance from the Department of Motor Vehicles, and a report is due by October 1, 2026.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
House Amendments agreed to by Senate (39-Y 0-N 0-A) (on 03/05/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/SB693 |
| House Amendments | https://lis.virginia.gov/bill-details/20261/SB693/text/SB693EDOC |
| Labor and Commerce Amendment | https://lis.virginia.gov/bill-details/20261/SB693/text/SB693AH1 |
| Subcommittee #1 Subcommittee Amendment | https://lis.virginia.gov/bill-details/20261/SB693/text/SB693AHC2 |
| Labor and Commerce Amendment | https://lis.virginia.gov/bill-details/20261/SB693/text/SB693AHC1 |
| Fiscal Note/Analysis - Fiscal Impact Statement from State Corporation Commission (SB693) | https://lis.blob.core.windows.net/files/1169871.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/SB693/text/SB693S1 |
| BillText | https://lis.virginia.gov/bill-details/20261/SB693/text/SB693SC1 |
| BillText | https://lis.virginia.gov/bill-details/20261/SB693/text/SB693 |
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