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News Archive: Insurance Scoring Methods
NAIC Seeks Direction on Insurance Scores
The joint Property and Casualty (C) Committee and Market Regulation (D) Committee meeting on insurance scoring did not produce any new revelations, as expected; nor did the deliberations reveal a clear policy direction by those regulators that seem to have an interest in the issue. (Posted: 6/18/2009)
Michigan: Supreme Court Will Consider Credit-based Insurance Scoring
In an order dated May 7, 2009, the Michigan Supreme Court agreed to hear the long-standing battle over credit-based insurance scoring. The court’s decision comes after years of dispute over the underwriting tool. The case will be heard in October 2009. (Posted: 5/12/2009)
There was plenty of opposition but no support offered at a May 7 Senate Commerce hearing for legislation opposed by NAMIC that would temporarily prohibit insurers from using credit-based insurance scores in the rating of personal lines of insurance. (Posted: 5/12/2009)
Anti-credit Scoring Legislation is Anti Consumer, NAMIC Tells New Jersey Senate Committee
A proposal to temporarily prohibit insurance companies from using credit-based insurance scoring to rate policies in New Jersey would lead to cross-subsidization and higher prices for most insurance consumers, NAMIC testified on Thursday. (Posted: 5/7/2009)
NAIC Investigates Credit-based Insurance Scoring in Shadow of Capitol Hill
The National Association of Insurance Commissioners held a public hearing April 30 in Arlington, Va., to examine credit-based insurance scores. Specifically, the hearing was held to focus on three issues: an explanation of what constitutes a credit-based insurance score; an explanation of how insurers use such scores; and a discussion on how the current economic crisis may have affected premiums related to credit-based insurance scores. (Posted: 5/5/2009)
New Jersey: Bill to Temporarily Prohibit Insurers’ Use of Credit-based Insurance Scoring
NAMIC sent an alert yesterday to member companies writing in New Jersey informing them that the New Jersey Senate’s Commerce Committee will hold a hearing Thursday on legislation filed by the panel’s chair to prohibit the use of credit-based insurance scoring through June 2011. (Posted: 5/5/2009)
Michigan: Industry Scores Win in Circuit Court on Credit-based Insurance Scoring
A Michigan circuit court judge ordered the Office of Financial and Insurance Regulation commissioner on Friday afternoon to cease his recent denials of rate filings based on the use of credit-based insurance scoring. (Posted: 4/14/2009)
NAMIC Meets With Florida Insurance Consumer Advocate on Credit-based Insurance Scoring
Neil Alldredge, NAMIC vice president of state and policy affairs, and Liz Reynolds, NAMIC's Southeast state affairs manager, met last week in Tallahassee with Sean Shaw, Florida insurance consumer advocate, and Dan Sumner, deputy chief of staff for Chief Financial Officer Alex Sink. (Posted: 4/14/2009)
Rhode Island: Bill Limiting Credit Use Not Expected to Move
Legislation taken up in committee last week to limit credit-based insurance scoring to new business and first-year renewals is not expected to be acted upon favorably. (Posted: 4/7/2009)
Minnesota: Senate Votes to Reject Bill to Ban Credit-based Insurance Scoring
The Minnesota Senate Commerce and Consumer Protection Committee voted 5-4 last Tuesday to defeat Senate File 263, which would have banned the use of credit-based insurance scores as an underwriting tool. Voting in favor of the bill were Sens. Mary Olson, the sponsor; Linda Scheid; John Marty; and Kevin Dahle. Voting against the bill were Sens. Chris Gerlach, Ray Vandeveer, Dan Sparks, James Metzen, and Dan Skogen, a bi-partisan grouping. (Posted: 3/31/2009)
Florida: CFO Chastises Auto Insurers for Use of Credit-based Insurance Scores (3/24/2009)
Credit Scoring Study Remains on Back Burner (3/23/2009)
Hearing on Insurance-based Credit Scoring Approved (3/23/2009)
Credit-based Insurance Scoring Should Not be Banned During Economic Crisis, NAMIC Says (3/20/2009)
No Activity on Draft Review of Past Credit Scoring Studies (3/12/2009)
NAMIC Publishes Policy Briefing on Credit-based Insurance Scoring (3/10/2009)
Florida: Debate Over Use of Credit Bubbles Up (2/24/2009)
Connecticut: NAMIC Opposes AG-supported Bill That Would Prohibit Use of Credit (2/24/2009)
Indiana: Insurance Scoring Ban Legislation Amended in Favorable Way (2/24/2009)
Nebraska: NAMIC, Industry Coalition Voice Strong Opposition of Credit-based Insurance Scoring Ban Bill (2/17/2009)
Attacks on Insurance Scoring Focus of State Legislative Sessions (2/17/2009)
North Dakota: Senate Decisively Rejects Bill to Ban Use of Credit Scores (2/10/2009)
Michigan Governor’s Call for Freezing Auto Rates Will Hurt Citizens, NAMIC Says (2/4/2009)
Opponent of Credit-based Insurance Scores Named to Key House Subcommittee Post (2/3/2009)
New Hampshire: Panel Takes Up Bill to Ban Education as Rating Factor (1/27/2009)
Montana: NAMIC Submits Comments Opposing Credit-based Insurance Scoring Ban Legislation (1/27/2009)
Montana: Credit-based Insurance Scoring Ban Bill Introduced (1/20/2009)
NAIC White Paper on Credit-based Insurance Scoring is Discreditable (12/2/2008)
NAMIC Asks FTC to Use Data Depository to Collect Homeowners’ Information from Insurers (11/4/2008)
NAMIC Comments on NAIC Review of Credit Scoring Studies (11/4/2008)
Florida: ‘New’ Credit Rule Proposal Released (11/4/2008)
Michigan: NAMIC Continues to Defend Use of Credit-based Insurance Scoring (10/21/2008)
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