Texas Lieutenant Governor David Dewhurst and Senator Troy Fraser of Horseshoe Bay, chair of the Senate Business and Commerce Committee, have come out in favor of regulating insurers’ use of credit histories.
According to a report on the Senate Web site, the two favor regulating the use of credit history in insurance underwriting rather than banning it altogether. They want to allow its use as a tool as long as it is not the sole factor in underwriting and rating policies.
“If we put sunshine on the issue, then not only do we know what they’re doing, but we can assure the public that the practices they are doing are non-discriminatory and are fair in the way that they’re used,” Fraser said. Fraser wants to ensure that people with little or no credit, those who have had medical emergencies, and those with disputed credit do not get discriminated against.
Topics Legislation
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