Delaware’s House Substitute 1 for House Bill 80 (HS 1 for HB 80), signed into law on August 1, 2017, went into effect on May 1 of this year.
As a result of the legislation, Delaware consumers with policies through one insurer have seen an average decrease of $252, according to a press release issued by the Delaware Department of Insurance. The average decrease in rates for those 75-years-old and older across all Delaware companies has been $117.32, the release added.
In addition to its main goal of limiting the use of credit information in rating personal insurance, HS 1 for HB 80 prohibits insurance companies from increasing rates on current customers based solely on turning 75-years-old and older or for having a change in marital status due to the death of a spouse.
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For currently insured 74-year-olds, this means that barring no other changes in rating factors, insurance rates will no longer increase because of advancing age.
“This legislation was my highest priority for the last legislative session,” said Delaware Insurance Commissioner Trinidad Navarro in the press release. “With the help of our General Assembly, we were able to take significant steps to level the playing field between Delaware’s insurance consumers and the insurance industry.”
Source: Delaware Department of Insurance
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