Posted: 3/31/2010
Approval Given for Model Law on Regulation of Insurance Scoring Vendors
One of the last items on the agenda for the Property & Casualty Insurance (C) Committee on Sunday was “Consider Request to Develop a Model Law to Regulate Insurance Scoring Vendors.” Committee Chair Michael McRaith of Illinois discussed the issue and brought it to a vote in what appeared to be record time. The (C) committee held a public hearing last year on the issue of regulation of credit-scoring vendors. During that hearing, McRaith suggested that the states might have authority currently to regulate the vendors as “advisory organizations.”