The Oregon legislature is hearing a bill regarding credit scoring that will ban many insurance risk factors in rating policies that the Professional Insurance Agents (PIA) oppose. In other words, this is a ban on credit scoring with alot more additives.
The hearing on this bill is Wednesday morning, February 22nd at 8:00 AM
PIA Oregon — and other insurance associations, and associations and individuals that are informed and educated on the value of credit scoring — oppose such a ban because it does just the opposite of what proponents think a ban will do.
Banning credit scoring will cause auto insurance rates to rise for everyone.
As PIA’s Oregon lobbyist, I am asking you and other agents in your office to please write a short email opposing HB 2920 to all members on the House Business and Labor Committee. The contact list is below.
Here is a description of HB 2920 and the link below gives you the official bill description.
If passed by the Legislature, and if it becomes law, HB 2920 will prohibit insurers from considering other specified information in determining eligibility, rates or premiums for motor vehicle liability insurance policy. The “other specified information” in the bill is using credit history to determine eligibility, rates or premiums for motor vehicle liability insurance.
HB 2920 will permit an insurer, under specified circumstances, to consider an abstract of an individual’s non-employment driving record when evaluating individual’s application to obtain or renew motor vehicle liability insurance.
Becomes operative on January 1, 2024. Takes effect on 91st day following adjournment sine die.
The bill is being heard by the House Business and Labor Committee on 2/22/2023 8:00 AM, HR F. Here is the agenda: Business and Labor House 2023 Regular Session – Oregon Legislative Information System (oregonlegislature.gov).
MEMBERS OF HOUSE BUSINESS AND LABOR COMMITTEE