Full Text of SB1706 100th General Assembly
SB1706 100TH GENERAL ASSEMBLY
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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB1706 Introduced 2/9/2017, by Sen. Jacqueline Y. Collins SYNOPSIS AS INTRODUCED:
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Amends the Use of Credit Information in Personal Insurance Act. Makes a
technical
change in a Section concerning definitions.
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| | A BILL FOR |
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| | | SB1706 | | LRB100 11335 SMS 21712 b |
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| | 1 | | AN ACT concerning regulation.
| | 2 | | Be it enacted by the People of the State of Illinois, | | 3 | | represented in the General Assembly:
| | 4 | | Section 5. The Use of Credit Information in Personal | | 5 | | Insurance Act is amended by changing Section 15 as follows:
| | 6 | | (215 ILCS 157/15)
| | 7 | | Sec. 15. Definitions. For the
the purposes of this Act, | | 8 | | these defined words
have the
following meanings: | | 9 | | "Adverse action" means a denial or cancellation of, an | | 10 | | increase in any charge
for, or
a reduction or other adverse or | | 11 | | unfavorable change in the terms of coverage or
amount of, any | | 12 | | insurance, existing or applied for, in connection with the
| | 13 | | underwriting of personal insurance.
| | 14 | | "Affiliate" means any company that controls, is controlled | | 15 | | by, or is under
common
control with another company.
| | 16 | | "Applicant" means an individual who has applied to be | | 17 | | covered by a personal
insurance policy with an insurer.
| | 18 | | "Consumer" means an insured or an applicant for a personal | | 19 | | insurance policy
whose
credit information is used or whose | | 20 | | insurance score is calculated in the
underwriting or rating of | | 21 | | a personal insurance policy.
| | 22 | | "Consumer reporting agency" means any person that, for | | 23 | | monetary fees or dues
or on a
cooperative nonprofit basis, |
| | | SB1706 | - 2 - | LRB100 11335 SMS 21712 b |
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| | 1 | | regularly engages in whole or in part in the
practice
of | | 2 | | assembling or evaluating consumer credit information or other | | 3 | | information on
consumers for the purpose of furnishing consumer | | 4 | | reports to third parties.
| | 5 | | "Credit information" means any credit-related information | | 6 | | derived from a
credit
report, found on a credit report itself, | | 7 | | or provided on an application for
personal
insurance. | | 8 | | Information that is not credit-related shall not be considered
| | 9 | | "credit
information," regardless of whether it is contained in | | 10 | | a credit report or in an
application or is used to calculate an | | 11 | | insurance score.
| | 12 | | "Credit report" means any written, oral, or other | | 13 | | communication of
information by a
consumer reporting agency | | 14 | | bearing on a consumer's credit worthiness, credit
standing, or | | 15 | | credit capacity, that is used or expected to be used or | | 16 | | collected
in
whole or in part for the purpose of serving as a | | 17 | | factor to determine personal
insurance premiums, eligibility | | 18 | | for coverage, or tier placement.
| | 19 | | "Department" means the Department of Insurance.
| | 20 | | "Insurance score" means a number or rating that is derived | | 21 | | from an algorithm,
computer
application, model, or other | | 22 | | process that is based in whole or in part on
credit
information | | 23 | | for the purposes of predicting the future insurance loss | | 24 | | exposure
of an
individual applicant or insured.
| | 25 | | (Source: P.A. 93-114, eff. 10-1-03.)
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