HB2478 HFA Fluharty 1-31

Delegate Fluharty moves to amend the bill on page two, line thirty, following the period, by inserting the following:

33-11A-8. Tying of products and use of credit history for certain policies prohibited.

(a) No person shall require or imply that the purchase of an insurance product from a financial institution by a customer or prospective customer of the institution is required as a condition of the lending of money or extension of credit.

(b) No financial institution may offer an insurance product in combination with its other products, unless all the products are available separately from the financial institution.

(c) With respect to insurance policies for passenger motor vehicles, residential property or other personal insurance lines, no person may:

(1) Refuse to underwrite, cancel, refuse to renew a risk or increase a renewal premium based, in whole or in part, on the credit history of an applicant for insurance or an insured person;

(2) Rate a risk based, in whole or in part, on the credit history of an applicant for insurance or an insured person in any manner, including, but not limited to, the provision or removal of a discount, assigning an applicant or insured person to a rating tier, or placing an applicant or insured person with an affiliated company; or

(3) Require a particular payment plan based, in whole or in part, on the credit history of the applicant for insurance or the insured person.