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News Archive: Insurance Scoring Methods
NAMIC Commends Michigan Supreme Court Ruling on Credit-Based Insurance Scoring
The battle over credit-based insurance scoring in Michigan may finally have resolution as the state’s Supreme Court reversed the Appellate Court’s ruling in a decision released today. (Posted: 7/9/2010)
NAMIC submitted written comments June 25 to the Oregon Division of Insurance raising questions and concerns about the proposed draft bulletin INS 2010-02, which amends ORS § 746.661(2)(a) & (b), as recently amended by SB 377. (Posted: 6/29/2010)
House Subcommittee Holds Hearing on Credit-Based Insurance Scoring
On May 12, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing on credit-based insurance scoring. The hearing was part of a series to examine the effect of credit scores on consumers during the economic crisis. (Posted: 5/18/2010)
NAMIC: Credit-Based Insurance Scores Proven to be Fair, Accurate and Effective
Credit-based insurance scores have been repeatedly proven to accurately predict loss with no discriminatory effect, the National Association of Mutual Insurance Companies(NAMIC) said today. (Posted: 5/12/2010)
Connecticut: Credit-based Insurance Scoring Bill Passed by Both Chambers
Legislation aimed at codifying existing regulatory requirements for insurers’ use of credit-based insurance scores has completed its journey through the legislative process as expected as it was recently approved by both chambers of the Connecticut General Assembly. (Posted: 5/11/2010)
House Subcommittee Examines Role of Credit-Based Insurance Scoring
Tomorrow, May 12, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit will hold a hearing dealing with the use of credit-based insurance scoring. Subcommittee Chairman Rep. Luis Gutierrez, D-Ill., has indicated that this hearing is part of a series to examine the effect of credit scores on consumers during the economic crisis – specifically, their use in credit card and mortgage approval, employment determinations, and setting property/casualty insurance rates. (Posted: 5/11/2010)
Rhode Island: NAMIC Opposes Bill Targeting Insurers’ Use of Credit for Auto Rating
NAMIC submitted testimony to the House Corporations Committee last week voicing opposition to legislation aimed at prohibiting insurers from using credit information in the rating of automobile insurance. (Posted: 4/20/2010)
Gov. Mark Parkinson last week signed HB 2501, (see highlighted text on page 4 of the bill) an omnibus insurance bill that adds the NCOIL Extraordinary Life Circumstances amendment to the state’s credit-based insurance scoring law. The bill also eliminates requirements that insurers send adverse action notices to insureds and prospects who do not receive the “best possible rate” and rescore customers every 36 months. (Posted: 4/20/2010)
Rhode Island: Committee to Consider Legislation Prohibiting Use of Credit in Auto Rating
The House Corporations Committee will consider legislation aimed at prohibiting insurers from using credit information in the rating of auto insurance during a hearing on April 13. (Posted: 4/6/2010)
House Subcommittee Examines Role and Nature of Credit Scores
On March 24, 2010, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing on the current economic role of consumer credit scores and reports. While the hearing did not extend to the use of credit-based insurance scores, it was referenced in one witness’s written testimony and a hearing on insurance scores is anticipated in the near future. (Posted: 3/30/2010)
New Hampshire: Bill to Ban Use of Credit Dies in the Senate (3/30/2010)
Iowa: Legislature Passes Extraordinary Life Circumstances Amendment to Credit-based Insurance Scoring Law (3/16/2010)
NAMIC Updates Its Credit-based Insurance Scoring Policy Briefing (2/23/2010)
Florida: OIR Withdraws Rules Banning Insurance Scoring, NAF Accident Surcharges (2/23/2010)
2010 FAC Issue Update - Credit-Based Insurance Scoring (2/9/2010)
Washington: One Credit-based Insurance Scoring Ban Bill Down, One to Go This Legislative Session (2/9/2010)
Iowa: Senate Passes Extraordinary Life Circumstances Amendment to Credit-based Insurance Scoring Law (2/9/2010)
Washington: NAMIC Joins Industry in Testifying Against Credit-based Insurance Scoring Ban Bill (1/26/2010)
Washington: Update: House Schedules Hearing on Credit-based Insurance Scoring ‘Ban’ Bill (1/19/2010)
Washington: Credit-based Insurance Scoring, Other Valuable Underwriting Information Under Attack (1/12/2010)
Florida: NAMIC’s Alldredge to Speak at Insurance Summit (1/12/2010)
Massachusetts: NAMIC Opposes Bills Prohibiting Use of Rating, Underwriting Factors (11/17/2009)
Washington: OIC Releases Bill Draft Attacking Risk-based Insurance Underwriting (10/6/2009)
New Hampshire: Details the Focus of Department Hearing on Credit Regulation Changes (10/6/2009)
Wisconsin: NAMIC Testifies at Insurance Department Hearing on Credit-based Insurance Scores (9/22/2009)
NAMIC Testifies at Wisconsin Insurance Department Hearing on Credit-based Insurance Scores (9/15/2009)
Ohio: Credit-based Insurance Scoring Bill on ‘Watch List’ (9/8/2009)
New Hampshire: Department Revises Credit Regulation Changes, Plans Work Session (9/8/2009)
Illinois: Governor Signs Credit-based Insurance Scoring Bill (8/25/2009)
New Hampshire: NAMIC Submits Comments to DOI on Changes Affecting Use of Credit-based Insurance Scores (7/28/2009)
New Hampshire: NAMIC Cites Concern With Proposed Changes to Credit-based Insurance Scoring Regulation (7/14/2009)
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