New Jersey Insurance Bill Would Prohibit Use of Credit to Increase Insurance Rates During COVID-19 Pandemic

CFA Research and Advocacy Associate, Michael DeLong testified in support of the New Jersey Division of Insurance’s proposed regulation to ban the use of consumer credit information to increase insurance rates during the COVID-19 pandemic, and for two years after it ends. This rule will help make insurance affordable and protect consumers from unfair and unjust premium increases due to deteriorations in their credit score resulting from circumstances beyond their control.