Senate Concurrent Resolution No. 63
(By Senators Minard, Jenkins, Chafin, Deem, Facemyer, Fanning,
Harrison, Helmick, Kessler, Minear, Prezioso, Sharpe and Snyder)
_________
[Originating in the Committee on Banking and Insurance.]
Requesting the Joint Committee on Government and Finance study the
use of credit scoring in the insurance underwriting and rate-
making process.
Whereas, There is significant public sentiment against the
perceived unfair prejudice against certain classes of individuals
resulting from the use of credit scoring in the setting of rates
for insurance products; and
Whereas, There exists significant evidence that use of credit
scoring is a reliable method of predicting losses and, thereby, is
also an efficient and effective means for properly fixing rates;
and
Whereas, The insurance underwriting and rate-making process
should be permitted to operate in an efficient and effective manner
while insurance consumers are protected from unfair prejudice in
the setting of insurance rates; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby requested to study the use of credit scoring in the insurance and
rate-making process; and, be it
Further Resolved, That the Joint Committee on Government and
Finance report to the regular session of the Legislature, 2005, on
its findings, conclusions and recommendations, together with drafts
of any legislation necessary to effectuate its recommendations;
and, be it
Further Resolved, That the expenses necessary to conduct this
study, to prepare a report and to draft necessary legislation be
paid from legislative appropriations to the Joint Committee on
Government and Finance.