The National Association of Insurance Commissioners moved forward on a pair of controversial issues last week, voting to revisit the use of consumer credit information to determine insurance rates, as well as approving a modified survey to assess climate risks facing carriers.
At the NAIC's quarterly meeting here, the group's Executive Committee approved permission for the Property-Casualty Committee and the Market Regulation and Consumer Affairs Committee to combine and take testimony on the issue of credit scoring, with a hearing likely next month.
An ongoing hot-button issue that has previously been examined by the NAIC, credit scoring is opposed by those who say it unfairly penalizes lower-income and minority groups, and fails to factor in special circumstances–such as a major medical expense that impacts a credit record.
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