NEW YORK--Insurance regulators should put limits around the industry's use of credit scoring but not outlaw it, four commissioners agreed here yesterday, including one who said political forces pushed her to ban the process last year.
"This for me...was the third rail," said Nonnie Burnes, head of the Massachusetts Division of Insurance, speaking at a panel session here.
She noted that a debate over credit scoring that took place during her first year as commissioner "almost cratered" a historic move to transform Massachusetts to a competitive rating state from one in which rates were set by the department.
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