X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
The American Property Casualty Insurance Association (APCIA) says that credit-based insurance scores are an "important risk-based rating tool that has been in place for nearly 20 years for the benefit of consumers." (apichon_tee/Adobe Stock) The American Property Casualty Insurance Association (APCIA) says that credit-based insurance scores are an “important risk-based rating tool that has been in place for nearly 20 years for the benefit of consumers.” (apichon_tee/Adobe Stock)

Credit-based scoring drew scrutiny recently when Washington State Insurance Commissioner Mike Kreidler issued an emergency order prohibiting insurers from relying on this practice to set personal insurance policy rates.

Kreidler said the step was necessary “to prevent discriminatory pricing in auto, renters and homeowner insurance in anticipation of the end of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will expire 120 days after President Joe Biden declares an end to the national coronavirus emergency.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Elana Ashanti Jefferson

Executive Editor Elana Ashanti Jefferson is a veteran journalist and communications professional. She can be reached by sending email to [email protected]

More from this author

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.