A bill that would allow insurance companies to consider someone's credit rating without consent when renewing policies will get a public hearing later Tuesday.
Currently, insurance companies can only use credit scores when issuing news policies. They can also consider a person's credit rating at the time of renewal if their customer gives permission.
But under SB55, sponsored by the Senate Labor and Commerce Committee, insurance companies could use the credit rating without consent when renewing things like automobile, renter's and homeowner's insurance.
Insurance companies say the current law results in higher premium rates and market disruptions, but the Alaska Democratic Party contends the bill would let companies charge Alaskans more for the same insurance based on credit score.
The committee scheduled public testimony for Tuesday afternoon.
