Statement on the Defeat of Measure 42 by Pat McCormick, Spokesperson, Oregonians Against Insurance Rate Increases

PORTLAND, Ore., Nov. 7  /PRNewswire/ -- Voters' rejection of Measure 42 -- by a nearly two-to-one margin -- is a victory for Oregon consumers and, quite possibly, for consumers across the nation.  Voters here sent a strong message of support for credit-based insurance scoring -- a ratemaking tool insurers use to evaluate risk and set accurate, fair insurance rates.  They understood that, if Measure 42 passed, consumers would lose the lower rates most now enjoy because they manage personal finances responsibly.
Measure 42 has been closely watched nationally.  Oregon voters were the first in the nation to consider whether to ban using credit information to help insurers set rates.  Their overwhelming decision to reject Measure 42 shows a strong majority of voters are satisfied with the consumer protections already in Oregon law.  The margin of defeat here is likely to discourage efforts in other states to ban the practice.
  CONTACT:   Pat McCormick, Spokesperson             Oregonians Against Insurance Rate Increases             503-544-8583
Oregonians Against Insurance Rate Increases