§ 38.2-2234. Insurance credit score disclosure; use of credit information.
A. Any insurer issuing or delivering a policy of motor vehicle insurance inthis Commonwealth, as defined in § 38.2-2212, that uses credit informationcontained in a consumer report for underwriting, tier placement or rating anapplicant or insured shall meet the following requirements:
1. Disclose, either on the insurance application or at the time the insuranceapplication is taken (i) that it shall obtain credit information inconnection with such application, (ii) that the insured may request that hiscredit information be updated; and (iii) that, if the insured questions theaccuracy of the credit information, the insurer will, upon request of theinsured, reevaluate the insured based on corrected credit information from aconsumer reporting agency. The disclosure may be made by the insurer or itsagent. Such disclosure shall be either written or provided to an applicant inthe same medium as the application for insurance. The insurer need notprovide the disclosure required under this subsection to any insured on arenewal policy, if such insured has previously been provided a disclosure.Use of the following example disclosure constitutes compliance with thissubsection: "In connection with this application for insurance, we shallreview your credit report or obtain or use an insurance credit score based onthe information contained in that credit report. We may use a third party inconnection with the development of your insurance credit score. You mayrequest that your credit information be updated and if you question theaccuracy of the credit information, we will, upon your request, reevaluateyou based on corrected credit information from a consumer reporting agency."
2. If an insurer takes an adverse action, based in whole or in part, uponcredit information, the insurer must provide notification to the applicant orinsured that the adverse action was based, in whole or in part, on creditinformation. Such notification shall also either include a statement advisingthe applicant or insured of the primary factors or characteristics that wereused as the basis for the adverse action, or notify the applicant or insuredthat he may request such information. For the purposes of this section,adverse action means a denial, nonrenewal or cancellation of, an increase inany charge for or refusal to apply a discount, or placement in a lessfavorable tier, or a reduction or other adverse or unfavorable change in theterms of coverage or amount of, any insurance, existing or applied for, inconnection with underwriting, tier placement or rating. Adverse actionincludes, but is not limited to, circumstances where the applicant or insured(i) did not receive the company's most favorable rate, (ii) was not placed inthe company's best tier, and (iii) when there are multiple companiesavailable within a group of insurers, the applicant or insured did notreceive coverage in the group's most favorably priced company. In the case ofrenewals, the circumstances listed in clauses (i), (ii), and (iii) shall notbe deemed adverse actions if, due to the insured's credit information, theinsured is not receiving a less favorable rate or placed in a less favorabletier or company than during the policy period immediately preceding renewal.
B. If an insurer uses credit information from a consumer report for tierplacement or rating of its renewal business for a policy of motor vehicleinsurance, as defined in § 38.2-2212, issued or delivered in thisCommonwealth the insurer shall be required to update the credit informationat least once every three years, provided, however, that the insurer shall berequired to update an insured's credit information within the three-yearperiod if requested by the insured. If an update request is made by theinsured at least 45 days prior to the end of the policy term, any adjustmentto the premium required by the update of the insured's credit informationshall take effect at the first renewal following the request for update ofthe insured's credit information. If an update request is made by the insuredwithin 45 days of the end of the policy term, the insurer shall have theoption of applying any adjustment to the premium required by the update ofthe insured's credit information to the first renewal or the second renewalfollowing the request for update of the insured's credit information. Aninsurer need not update the credit information more frequently than onceevery policy term. Notwithstanding the requirements of this subsection, noinsurer need obtain updated credit information if the insured has the mostfavorably priced tier or rate based on his credit information.
C. Notwithstanding the provisions of subdivision A 3 of § 38.2-1904, if aninsurer issuing or delivering a policy of motor vehicle insurance, as definedin § 38.2-2212, in this Commonwealth is unable to obtain credit informationfrom a consumer report or when an insured or applicant has insufficientcredit to produce an insurance credit score, the insurer shall underwrite,tier, or rate the individual risk in one of the following ways: (i) as if therisk received a neutral or average insurance credit score, as defined by theinsurer, (ii) by excluding the use of credit information as a factor andusing only other underwriting, tiering, or rating criteria, or (iii) inaccordance with established underwriting guidelines or filed tiering orrating rules. Any such established underwriting guidelines or filed tieringor rating rules shall consider other actuarially justified factors associatedwith the risk in addition to the inability to obtain credit information orthe insufficiency of the credit information.
D. The following factors shall not be used as credit criteria or to determinean insurance credit score for underwriting, tier placement, or ratingpurposes for a policy of motor vehicle insurance, as defined in § 38.2-2212,issued or delivered in this Commonwealth:
1. Information that has been identified by the consumer reporting agency asdisputed by the consumer and coded as such, if the use of such disputedinformation would result in an adverse action;
2. Information that has been identified by the consumer reporting agency asrelated to insurance inquiries or nonconsumer-initiated inquiries and codedas such;
3. Information that has been identified by the consumer reporting agency asrelated to collection accounts with a medical industry code;
4. Information that includes multiple lender inquiries, if coded by theconsumer reporting agency as being from the home mortgage industry and madewithin 30 days of one another, unless only one inquiry is considered;
5. Information that includes multiple lender inquiries, if coded by theconsumer reporting agency as being from the automobile lending industry andmade within 30 days of one another, unless only one inquiry is considered;
6. Income, gender, address, zip code, ethnic group, race, color, religion,marital status, or nationality of the consumer; or
7. The total available line of credit; however, an insurer may consider thetotal amount of outstanding debt in relation to the total available line ofcredit.
E. No insurer shall take an adverse action against an applicant for a policyof motor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, based on credit information, unless an insurer obtains anduses a consumer report procured within 90 days from the date the policy isfirst written.
F. Notwithstanding anything to the contrary, for a policy of motor vehicleinsurance, as defined in § 38.2-2212, issued or delivered in thisCommonwealth, an insurer may, upon request, provide reasonable exceptions foran individual whose credit information is directly and adversely impacted bya catastrophic event, as determined by the insurer, including, but notlimited to, catastrophic illness or injury or the death of a spouse or memberof the same household. The insurer may require reasonable documentation ofthe event prior to granting an exception. No insurer shall be deemed out ofcompliance with its filed rules and rates as a result of granting anexception pursuant to this subsection.
G. Upon the request of an insured or applicant with respect to a policy ofmotor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, for a reevaluation as set forth in this section, theinsurer shall reevaluate the individual based on corrected credit informationfrom a consumer reporting agency. If the reevaluation results in a lowerpremium, the lower premium shall be applied retroactively to the effectivedate of the current policy term, and the insurer shall either refund orcredit the amount to the insured. The insurer may require reasonabledocumentation of the corrected information from the consumer reporting agencyprior to the reevaluation.
H. An insurer shall indemnify, defend, and hold agents harmless from andagainst all liability, fees, and costs arising out of or relating to theactions, errors, or omissions of an agent who obtains or uses creditinformation or insurance credit scores for an insurer, provided the agentfollows the instructions or procedures established by the insurer andcomplies with any applicable law. Nothing in this subsection shall beconstrued to provide an applicant or insured with a cause of action that doesnot exist in the absence of this subsection.
I. No consumer reporting agency shall provide or sell data or lists thatinclude any information that in whole or in part was submitted in conjunctionwith an insurance inquiry about an individual's credit information or arequest for a consumer report or an insurance credit score. Such informationincludes, but is not limited to, the expiration dates of an insurance policyor any other information that may identify time periods during which anindividual's insurance may expire and the terms and conditions of theindividual's insurance coverage. The restrictions provided in this subsectiondo not apply to data or lists the consumer reporting agency supplies to theinsurance agent from whom information was received or the insurer on whosebehalf such agent acted. Nothing in this subsection shall be construed torestrict any insurer from being able to obtain a claims history report or amotor vehicle report.
J. For the purposes of this section, "insurance credit score" means anumber or rating that is derived from an algorithm, computer application,model, or other process that is based in whole or in part on creditinformation for the purposes of predicting the future insurance loss exposureof an individual applicant or insured for or under a policy of motor vehicleinsurance, as defined in § 38.2-2212, issued or delivered in thisCommonwealth.
K. The provisions set forth in this section shall apply to new policies ofmotor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, not later than January 1, 2004, and to renewal policies ofmotor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, not later than April 1, 2004.
L. The provisions of this section shall apply only to insurance purchasedprimarily for personal, family, or household purposes.
§ 38.2-2234. Insurance credit score disclosure; use of credit information.
A. Any insurer issuing or delivering a policy of motor vehicle insurance inthis Commonwealth, as defined in § 38.2-2212, that uses credit informationcontained in a consumer report for underwriting, tier placement or rating anapplicant or insured shall meet the following requirements:
1. Disclose, either on the insurance application or at the time the insuranceapplication is taken (i) that it shall obtain credit information inconnection with such application, (ii) that the insured may request that hiscredit information be updated; and (iii) that, if the insured questions theaccuracy of the credit information, the insurer will, upon request of theinsured, reevaluate the insured based on corrected credit information from aconsumer reporting agency. The disclosure may be made by the insurer or itsagent. Such disclosure shall be either written or provided to an applicant inthe same medium as the application for insurance. The insurer need notprovide the disclosure required under this subsection to any insured on arenewal policy, if such insured has previously been provided a disclosure.Use of the following example disclosure constitutes compliance with thissubsection: "In connection with this application for insurance, we shallreview your credit report or obtain or use an insurance credit score based onthe information contained in that credit report. We may use a third party inconnection with the development of your insurance credit score. You mayrequest that your credit information be updated and if you question theaccuracy of the credit information, we will, upon your request, reevaluateyou based on corrected credit information from a consumer reporting agency."
2. If an insurer takes an adverse action, based in whole or in part, uponcredit information, the insurer must provide notification to the applicant orinsured that the adverse action was based, in whole or in part, on creditinformation. Such notification shall also either include a statement advisingthe applicant or insured of the primary factors or characteristics that wereused as the basis for the adverse action, or notify the applicant or insuredthat he may request such information. For the purposes of this section,adverse action means a denial, nonrenewal or cancellation of, an increase inany charge for or refusal to apply a discount, or placement in a lessfavorable tier, or a reduction or other adverse or unfavorable change in theterms of coverage or amount of, any insurance, existing or applied for, inconnection with underwriting, tier placement or rating. Adverse actionincludes, but is not limited to, circumstances where the applicant or insured(i) did not receive the company's most favorable rate, (ii) was not placed inthe company's best tier, and (iii) when there are multiple companiesavailable within a group of insurers, the applicant or insured did notreceive coverage in the group's most favorably priced company. In the case ofrenewals, the circumstances listed in clauses (i), (ii), and (iii) shall notbe deemed adverse actions if, due to the insured's credit information, theinsured is not receiving a less favorable rate or placed in a less favorabletier or company than during the policy period immediately preceding renewal.
B. If an insurer uses credit information from a consumer report for tierplacement or rating of its renewal business for a policy of motor vehicleinsurance, as defined in § 38.2-2212, issued or delivered in thisCommonwealth the insurer shall be required to update the credit informationat least once every three years, provided, however, that the insurer shall berequired to update an insured's credit information within the three-yearperiod if requested by the insured. If an update request is made by theinsured at least 45 days prior to the end of the policy term, any adjustmentto the premium required by the update of the insured's credit informationshall take effect at the first renewal following the request for update ofthe insured's credit information. If an update request is made by the insuredwithin 45 days of the end of the policy term, the insurer shall have theoption of applying any adjustment to the premium required by the update ofthe insured's credit information to the first renewal or the second renewalfollowing the request for update of the insured's credit information. Aninsurer need not update the credit information more frequently than onceevery policy term. Notwithstanding the requirements of this subsection, noinsurer need obtain updated credit information if the insured has the mostfavorably priced tier or rate based on his credit information.
C. Notwithstanding the provisions of subdivision A 3 of § 38.2-1904, if aninsurer issuing or delivering a policy of motor vehicle insurance, as definedin § 38.2-2212, in this Commonwealth is unable to obtain credit informationfrom a consumer report or when an insured or applicant has insufficientcredit to produce an insurance credit score, the insurer shall underwrite,tier, or rate the individual risk in one of the following ways: (i) as if therisk received a neutral or average insurance credit score, as defined by theinsurer, (ii) by excluding the use of credit information as a factor andusing only other underwriting, tiering, or rating criteria, or (iii) inaccordance with established underwriting guidelines or filed tiering orrating rules. Any such established underwriting guidelines or filed tieringor rating rules shall consider other actuarially justified factors associatedwith the risk in addition to the inability to obtain credit information orthe insufficiency of the credit information.
D. The following factors shall not be used as credit criteria or to determinean insurance credit score for underwriting, tier placement, or ratingpurposes for a policy of motor vehicle insurance, as defined in § 38.2-2212,issued or delivered in this Commonwealth:
1. Information that has been identified by the consumer reporting agency asdisputed by the consumer and coded as such, if the use of such disputedinformation would result in an adverse action;
2. Information that has been identified by the consumer reporting agency asrelated to insurance inquiries or nonconsumer-initiated inquiries and codedas such;
3. Information that has been identified by the consumer reporting agency asrelated to collection accounts with a medical industry code;
4. Information that includes multiple lender inquiries, if coded by theconsumer reporting agency as being from the home mortgage industry and madewithin 30 days of one another, unless only one inquiry is considered;
5. Information that includes multiple lender inquiries, if coded by theconsumer reporting agency as being from the automobile lending industry andmade within 30 days of one another, unless only one inquiry is considered;
6. Income, gender, address, zip code, ethnic group, race, color, religion,marital status, or nationality of the consumer; or
7. The total available line of credit; however, an insurer may consider thetotal amount of outstanding debt in relation to the total available line ofcredit.
E. No insurer shall take an adverse action against an applicant for a policyof motor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, based on credit information, unless an insurer obtains anduses a consumer report procured within 90 days from the date the policy isfirst written.
F. Notwithstanding anything to the contrary, for a policy of motor vehicleinsurance, as defined in § 38.2-2212, issued or delivered in thisCommonwealth, an insurer may, upon request, provide reasonable exceptions foran individual whose credit information is directly and adversely impacted bya catastrophic event, as determined by the insurer, including, but notlimited to, catastrophic illness or injury or the death of a spouse or memberof the same household. The insurer may require reasonable documentation ofthe event prior to granting an exception. No insurer shall be deemed out ofcompliance with its filed rules and rates as a result of granting anexception pursuant to this subsection.
G. Upon the request of an insured or applicant with respect to a policy ofmotor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, for a reevaluation as set forth in this section, theinsurer shall reevaluate the individual based on corrected credit informationfrom a consumer reporting agency. If the reevaluation results in a lowerpremium, the lower premium shall be applied retroactively to the effectivedate of the current policy term, and the insurer shall either refund orcredit the amount to the insured. The insurer may require reasonabledocumentation of the corrected information from the consumer reporting agencyprior to the reevaluation.
H. An insurer shall indemnify, defend, and hold agents harmless from andagainst all liability, fees, and costs arising out of or relating to theactions, errors, or omissions of an agent who obtains or uses creditinformation or insurance credit scores for an insurer, provided the agentfollows the instructions or procedures established by the insurer andcomplies with any applicable law. Nothing in this subsection shall beconstrued to provide an applicant or insured with a cause of action that doesnot exist in the absence of this subsection.
I. No consumer reporting agency shall provide or sell data or lists thatinclude any information that in whole or in part was submitted in conjunctionwith an insurance inquiry about an individual's credit information or arequest for a consumer report or an insurance credit score. Such informationincludes, but is not limited to, the expiration dates of an insurance policyor any other information that may identify time periods during which anindividual's insurance may expire and the terms and conditions of theindividual's insurance coverage. The restrictions provided in this subsectiondo not apply to data or lists the consumer reporting agency supplies to theinsurance agent from whom information was received or the insurer on whosebehalf such agent acted. Nothing in this subsection shall be construed torestrict any insurer from being able to obtain a claims history report or amotor vehicle report.
J. For the purposes of this section, "insurance credit score" means anumber or rating that is derived from an algorithm, computer application,model, or other process that is based in whole or in part on creditinformation for the purposes of predicting the future insurance loss exposureof an individual applicant or insured for or under a policy of motor vehicleinsurance, as defined in § 38.2-2212, issued or delivered in thisCommonwealth.
K. The provisions set forth in this section shall apply to new policies ofmotor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, not later than January 1, 2004, and to renewal policies ofmotor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, not later than April 1, 2004.
L. The provisions of this section shall apply only to insurance purchasedprimarily for personal, family, or household purposes.
§ 38.2-2234. Insurance credit score disclosure; use of credit information.
A. Any insurer issuing or delivering a policy of motor vehicle insurance inthis Commonwealth, as defined in § 38.2-2212, that uses credit informationcontained in a consumer report for underwriting, tier placement or rating anapplicant or insured shall meet the following requirements:
1. Disclose, either on the insurance application or at the time the insuranceapplication is taken (i) that it shall obtain credit information inconnection with such application, (ii) that the insured may request that hiscredit information be updated; and (iii) that, if the insured questions theaccuracy of the credit information, the insurer will, upon request of theinsured, reevaluate the insured based on corrected credit information from aconsumer reporting agency. The disclosure may be made by the insurer or itsagent. Such disclosure shall be either written or provided to an applicant inthe same medium as the application for insurance. The insurer need notprovide the disclosure required under this subsection to any insured on arenewal policy, if such insured has previously been provided a disclosure.Use of the following example disclosure constitutes compliance with thissubsection: "In connection with this application for insurance, we shallreview your credit report or obtain or use an insurance credit score based onthe information contained in that credit report. We may use a third party inconnection with the development of your insurance credit score. You mayrequest that your credit information be updated and if you question theaccuracy of the credit information, we will, upon your request, reevaluateyou based on corrected credit information from a consumer reporting agency."
2. If an insurer takes an adverse action, based in whole or in part, uponcredit information, the insurer must provide notification to the applicant orinsured that the adverse action was based, in whole or in part, on creditinformation. Such notification shall also either include a statement advisingthe applicant or insured of the primary factors or characteristics that wereused as the basis for the adverse action, or notify the applicant or insuredthat he may request such information. For the purposes of this section,adverse action means a denial, nonrenewal or cancellation of, an increase inany charge for or refusal to apply a discount, or placement in a lessfavorable tier, or a reduction or other adverse or unfavorable change in theterms of coverage or amount of, any insurance, existing or applied for, inconnection with underwriting, tier placement or rating. Adverse actionincludes, but is not limited to, circumstances where the applicant or insured(i) did not receive the company's most favorable rate, (ii) was not placed inthe company's best tier, and (iii) when there are multiple companiesavailable within a group of insurers, the applicant or insured did notreceive coverage in the group's most favorably priced company. In the case ofrenewals, the circumstances listed in clauses (i), (ii), and (iii) shall notbe deemed adverse actions if, due to the insured's credit information, theinsured is not receiving a less favorable rate or placed in a less favorabletier or company than during the policy period immediately preceding renewal.
B. If an insurer uses credit information from a consumer report for tierplacement or rating of its renewal business for a policy of motor vehicleinsurance, as defined in § 38.2-2212, issued or delivered in thisCommonwealth the insurer shall be required to update the credit informationat least once every three years, provided, however, that the insurer shall berequired to update an insured's credit information within the three-yearperiod if requested by the insured. If an update request is made by theinsured at least 45 days prior to the end of the policy term, any adjustmentto the premium required by the update of the insured's credit informationshall take effect at the first renewal following the request for update ofthe insured's credit information. If an update request is made by the insuredwithin 45 days of the end of the policy term, the insurer shall have theoption of applying any adjustment to the premium required by the update ofthe insured's credit information to the first renewal or the second renewalfollowing the request for update of the insured's credit information. Aninsurer need not update the credit information more frequently than onceevery policy term. Notwithstanding the requirements of this subsection, noinsurer need obtain updated credit information if the insured has the mostfavorably priced tier or rate based on his credit information.
C. Notwithstanding the provisions of subdivision A 3 of § 38.2-1904, if aninsurer issuing or delivering a policy of motor vehicle insurance, as definedin § 38.2-2212, in this Commonwealth is unable to obtain credit informationfrom a consumer report or when an insured or applicant has insufficientcredit to produce an insurance credit score, the insurer shall underwrite,tier, or rate the individual risk in one of the following ways: (i) as if therisk received a neutral or average insurance credit score, as defined by theinsurer, (ii) by excluding the use of credit information as a factor andusing only other underwriting, tiering, or rating criteria, or (iii) inaccordance with established underwriting guidelines or filed tiering orrating rules. Any such established underwriting guidelines or filed tieringor rating rules shall consider other actuarially justified factors associatedwith the risk in addition to the inability to obtain credit information orthe insufficiency of the credit information.
D. The following factors shall not be used as credit criteria or to determinean insurance credit score for underwriting, tier placement, or ratingpurposes for a policy of motor vehicle insurance, as defined in § 38.2-2212,issued or delivered in this Commonwealth:
1. Information that has been identified by the consumer reporting agency asdisputed by the consumer and coded as such, if the use of such disputedinformation would result in an adverse action;
2. Information that has been identified by the consumer reporting agency asrelated to insurance inquiries or nonconsumer-initiated inquiries and codedas such;
3. Information that has been identified by the consumer reporting agency asrelated to collection accounts with a medical industry code;
4. Information that includes multiple lender inquiries, if coded by theconsumer reporting agency as being from the home mortgage industry and madewithin 30 days of one another, unless only one inquiry is considered;
5. Information that includes multiple lender inquiries, if coded by theconsumer reporting agency as being from the automobile lending industry andmade within 30 days of one another, unless only one inquiry is considered;
6. Income, gender, address, zip code, ethnic group, race, color, religion,marital status, or nationality of the consumer; or
7. The total available line of credit; however, an insurer may consider thetotal amount of outstanding debt in relation to the total available line ofcredit.
E. No insurer shall take an adverse action against an applicant for a policyof motor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, based on credit information, unless an insurer obtains anduses a consumer report procured within 90 days from the date the policy isfirst written.
F. Notwithstanding anything to the contrary, for a policy of motor vehicleinsurance, as defined in § 38.2-2212, issued or delivered in thisCommonwealth, an insurer may, upon request, provide reasonable exceptions foran individual whose credit information is directly and adversely impacted bya catastrophic event, as determined by the insurer, including, but notlimited to, catastrophic illness or injury or the death of a spouse or memberof the same household. The insurer may require reasonable documentation ofthe event prior to granting an exception. No insurer shall be deemed out ofcompliance with its filed rules and rates as a result of granting anexception pursuant to this subsection.
G. Upon the request of an insured or applicant with respect to a policy ofmotor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, for a reevaluation as set forth in this section, theinsurer shall reevaluate the individual based on corrected credit informationfrom a consumer reporting agency. If the reevaluation results in a lowerpremium, the lower premium shall be applied retroactively to the effectivedate of the current policy term, and the insurer shall either refund orcredit the amount to the insured. The insurer may require reasonabledocumentation of the corrected information from the consumer reporting agencyprior to the reevaluation.
H. An insurer shall indemnify, defend, and hold agents harmless from andagainst all liability, fees, and costs arising out of or relating to theactions, errors, or omissions of an agent who obtains or uses creditinformation or insurance credit scores for an insurer, provided the agentfollows the instructions or procedures established by the insurer andcomplies with any applicable law. Nothing in this subsection shall beconstrued to provide an applicant or insured with a cause of action that doesnot exist in the absence of this subsection.
I. No consumer reporting agency shall provide or sell data or lists thatinclude any information that in whole or in part was submitted in conjunctionwith an insurance inquiry about an individual's credit information or arequest for a consumer report or an insurance credit score. Such informationincludes, but is not limited to, the expiration dates of an insurance policyor any other information that may identify time periods during which anindividual's insurance may expire and the terms and conditions of theindividual's insurance coverage. The restrictions provided in this subsectiondo not apply to data or lists the consumer reporting agency supplies to theinsurance agent from whom information was received or the insurer on whosebehalf such agent acted. Nothing in this subsection shall be construed torestrict any insurer from being able to obtain a claims history report or amotor vehicle report.
J. For the purposes of this section, "insurance credit score" means anumber or rating that is derived from an algorithm, computer application,model, or other process that is based in whole or in part on creditinformation for the purposes of predicting the future insurance loss exposureof an individual applicant or insured for or under a policy of motor vehicleinsurance, as defined in § 38.2-2212, issued or delivered in thisCommonwealth.
K. The provisions set forth in this section shall apply to new policies ofmotor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, not later than January 1, 2004, and to renewal policies ofmotor vehicle insurance, as defined in § 38.2-2212, issued or delivered inthis Commonwealth, not later than April 1, 2004.
L. The provisions of this section shall apply only to insurance purchasedprimarily for personal, family, or household purposes.
