Indiana's recently-appointed Republican insurance commissioner has pleased insurers by revising the rules for carriers' use of customer credit records for rating purposes.
Commissioner Jim Atterholt has issued Bulletin 130 that says that insurers must consider factors other than credit in taking any underwriting action. But there does not necessarily have to be any change in another factor for an underwriting action to be permitted.
Indiana originally passed credit scoring legislation in 2003 based on the model drafted by the National Conference of Insurance Legislators which has the support of the insurance industry.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
