Text of the Automobile Insurance Information Act of 1995
The text of the bill below is as of Jan 4, 1995 (Introduced).
HR 113 IH
H. R. 113
To require automobile insurance insurers to provide rate setting information and for other purposes
IN THE HOUSE OF REPRESENTATIVES
January 4, 1995
January 4, 1995
Mr. MFUME introduced the following bill; which was referred to the Committee on Commerce
To require automobile insurance insurers to provide rate setting information and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
- This Act may be cited as the ‘Automobile Insurance Information Act of 1995’.
SEC. 2. FINDINGS.
- The Congress finds that the current practice among automobile insurance insurers engaged in interstate commerce of calculating exposure to loss costs used--
- (1) to determine premium rates and other charges incidental to the purchase of automobile insurance, and
- (2) to determine the geographical areas and classification rating factors to determine where and whom such insurers will insure,
- adversely affects interstate commerce, insurer insolvency, and the affordability of insurance, thereby impairing the economic welfare of large number of consumers of automobile insurance who rely on such insurance for protection.
SEC. 3. INFORMATION.
- (a) FACTORS AFFECTING RATES- The Secretary of Commerce shall, by contract or directly, require each automobile insurance insurer who is engaged in interstate commerce to provide to the Secretary in writing information on--
- (1) the means and methods employed by the insurer to determine insurance rates which relate to demographic factors such as population density, roads per square mile, frequency of accidents, claim severity, health costs, auto theft rates, and auto repair costs, and
- (2) classification factors used by the insurer in rate determinations, including race, sex, gender, marital status, type of automobile to be insured, use of such automobile, and the place in which such automobile will be used.
- (b) PUBLICATION- The Secretary of Commerce shall provide for the publication of the information provided under subsection (a).
- (c) RECOMMENDATIONS AND REPORT- On the basis of the information submitted to the Secretary under subsection (a), the Secretary of Commerce shall make recommendations on making automobile insurance more affordable and shall report such recommendations and such information to the House of Representatives and the Senate.
- (d) CONTRACT AUTHORITY- The authority of the Secretary of Commerce to enter into contracts to implement subsection (a) shall be effective for any fiscal year only to such extent or in such amounts as are provided in appropriations Acts.
SEC. 4. AFFECT OF LEGISLATION.
- Section 3 shall not be deemed to affect the responsibility and authority of the States to regulate the business of insurance or any regulation or order of any State agency concerning or applicable to the business of insurance if such regulation or order does not prevent compliance with section 3.