Bill > S481

This bill aims to reform how automobile insurance premiums are calculated by emphasizing user-controllable factors and providing greater transparency. Specifically, it restricts insurance companies from refusing to issue or renew policies based on factors other than an individual's driving record, which is defined to include only at-fault accidents and moving traffic violations. The bill also mandates that premium charges be determined by a specific list of user-controllable factors, such as territory, driving record, driver's license status, annual mileage, years of driving experience, and vehicle characteristics that do not implicitly reflect driver behavior. Additionally, it allows for new factors, like telematics data, to be added through legislative approval and requires affiliated insurance companies to use a single set of rates. The bill also strengthens the role of the Attorney General in reviewing and potentially holding hearings on insurance rate filings, ensuring that any modifications to rates are justified by demonstrable cost savings or expense reductions.