The ongoing struggle to preserve maximum underwriting freedom for insurers continues, with approximately 16 states (to date) considering new legislation to prohibit insures' consideration of consumer credit information. Although the volume of legislation is consistent with the previous 3 years to 4 years, streamlined and unified messaging by the industry is paying early dividends in the legislative arena.
Read a sounding board column from one of AA&B's editorial advisory board members: “Credit scoring: Tough to explain, hard to beat.”
Already in 2010, the insurance industry has helped defeat several such proposed bans. Chief among them was a significant win in Washington state, where Insurance Commissioner Mike Kreidler had telegraphed late last year his intent to press legislation banning the use of credit information and education and occupation data. PCI, working in concert with industry allies, mobilized immediately to educate key legislators about the importance of all three rating factors. Ultimately, the legislation failed to receive a committee vote in the state House of Representatives, and did not come up for a vote before a legislative deadline in the state Senate.
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