The National Association of Insurance Commissioners Property & Casualty Committee chairman said the panel will begin exploring how to gather data on insurers' use of credit information to determine premiums.
Consumer advocates again criticized the National Association of Insurance Commissioners for dragging its feet on credit scoring while attending quickly to issues of concern to the insurance industry.
The nation's insurance regulators ended their latest look at the use of consumer credit records as an underwriting factor by declaring they need more information.
Contrary to what insurers have been saying, the recession has had a nationwide negative impact on credit scores, regulators meeting here were told by a consumer advocate.
The National Conference of Insurance Legislators has amended its model credit scoring legislation to require that insurers give a break to people hit by extraordinary events such as job loss and serious illness.
The nation's insurance regulators have pressed insurance trade organizations for specifics on how use of credit in determining rates affects certain groups of people, and criticized the answers for not being specific enough.
A bill that would have banned credit scoring in Connecticut was altered and then died in the Senate at the end of a legislative session characterized as "challenging" by one insurance industry representative.
A four-year-old legal battle in Michigan over the state regulator's attempt to ban insurer use of credit scoring may be headed to the State Supreme Court after a judge's recent ruling in favor of carriers that oppose the prohibition.