NEWS: Representative Adam Wool Applauds Governor Walker’s Veto of Credit History for Insurance Rate Bill
FOR IMMEDIATE RELEASE
July 21, 2016
Fairbanks — Representative Adam Wool (D-Fairbanks) released the following statement on Governor Walker’s veto of Senate Bill 127:
“Alaskans shouldn’t have to fear that when their insurance is renewed, their rates might go up based on their credit history. It doesn’t make sense to change someone’s insurance rates on this irrelevant factor without their consent. Your credit history doesn’t affect whether or not you’re a safe driver or responsible homeowner. I’m pleased Governor Walker vetoed this harmful piece of legislation,” said Rep. Wool.
Rep. Wool sponsored House Bill 367 during the last legislative session. The bill would have allowed insurance companies to use credit scores or histories to determine insurance rates or eligibility upon application and renewal only with the consumer’s consent. Currently, Alaska law allows insurance companies to use credit scores and histories to determine whether or not coverage will be offered, and initial rates. Usage of credit scores and histories upon policy renewal is only allowed with the customer’s consent.
For more information, contact Chanda File in Rep. Wool’s office at (907) 452-6084.