Oregon Residents Saving on Insurance With Help from New Law
According to the Division of Insurance, Oregonians saved more than $800,000 in premiums last year with the help of a new law that allows them to request to be re-rated by insurers if they feel their credit score has improved.
Insurance companies around the country routinely take credit information into account when determining how much risk a prospective policyholder poses, which in turn helps determine how much to charge that policyholder for coverage.
Although some coverage providers will check a driver’s credit information first at the initial issuance of a policy and then again at every renewal, Oregon insurers have since 2003 been restricted to using credit information only for new policies. P
In my post yesterday, I noted that there was no announcement yet of the new director in Ohio. Today the [press release] came: Governor John Kasich has named Lieutenant Governor Mary Taylor for the position. Taylor is a CPA and has previously been Auditor of State. Kasich also signed an Executive Order naming Taylor to lead the “Common Sense Initiative”, which he created to transform the state’s regulatory policies. Congratulations to Ms. Taylor. This is a woman with a lot on her plate!