NEVADA – The Nevada Supreme Court has upheld a regulation that prohibits insurance companies from using adverse credit information to increase premiums until May 20, 2024.
The regulation was put in place by Nevada’s Division of Insurance after officials found that premium increases resulting from credit-based insurance scores during the COVID-19-induced lockdowns of 2020 created an unfairly discriminatory result.
The National Association of Mutual Insurance Companies filed a lawsuit arguing that the temporary ban was unconstitutional, but the court upheld the ban.
State officials are still working to see how many carriers are affected by the decision and will offer guidance on how to comply with the court’s ruling.
Credits: Fox Reno
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