New YorkProposal would bar home insurers from using credit for policy decisions
If enacted, the proposal would also bar insurers from using credit history to change discounts, surcharges, customer tiers, or which affiliated insurer offers a policy.
What it does
Home insurers would be barred from using credit history, including missing or undetermined history, to decide whether to offer or renew coverage, set rates, or require a payment plan.
Argument forPeople with no credit history could avoid losing coverage, facing a surcharge, or being required to use a particular payment plan for that reason.
Argument againstWithout credit history as a pricing factor, some homeowners could face rates that reflect fewer differences between individual risks.
More detail
The proposal would bar homeowners' insurers from using credit history for specified policy decisions. It would apply to homeowners' insurance applicants and insured people. The bar would also cover missing credit history and cases where an insurer cannot determine a person's credit history. The act would take effect immediately if enacted.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 16REFERRED TO INSURANCEIntroduced
Consumer Protection