Substitute for Raised H.B. No. 5014 Session Year 2010
AN ACT CONCERNING AUTOMOBILE AND PERSONAL RISK INSURANCE.
To clarify the method and allocation of certain expenses to base rates for automobile insurance policies, to specify the ratio of individual territorial loss cost data to the state-wide average loss cost data, to prohibit the use of an applicant's credit history or credit rating as a criterion in setting motor vehicle insurance premiums or in the declination, cancellation or nonrenewal of an automobile insurance policy, to direct the Insurance Commissioner to adopt regulations concerning rating plans, to require insurers to provide notice to a lienholder when an automobile insurance policy is cancelled, to require valid registration and proof of insurance to be presented before an impounded vehicle can be released, to allow additional publicly available automobile industry sources to be used to determine the retail value of a motor vehicle that has been declared to be a constructive loss and to specify information insurers must provide to claimants, and to increase the interest rate included in certain insurance arbitration awards.