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Insurance companies often use consumer credit information in determining
if they will offer a consumer a residential property insurance policy
and how much that policy will cost. Insurance credit scoring is used
in a variety of ways – for underwriting (including rating tier
selection), rating (or premium development), coverage eligibility,
marketing, and payment plan eligibility.
The insurance industry claims there is a clear correlation between
bad credit and increased insurance risk and argues that use of consumer
credit information allows insurers to determine a fairer pricing
structure. Although a correlation does exist, the use of credit reports
as beneficial to consumers has yet to be determined. |
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| Committees Active on This Topic |
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Sept. 24, 2009 Public Hearing
ROLE OF RATING AGENCIES IN STATE INSURANCE REGULATION
NOTE: Due to technical difficulties at the facility, audio begins approximately 15 minutes after the session begins (see materials for available text).
- MP3 Audio 1 (24 mins, 11-meg)
-End of Chris Evangel through Birny Birnbaum
- MP3 Audio 2 (39 mins, 18-meg)
-Eric Steigerwalt & Panel 1 Q&A
- MP3 Audio 3 (63 mins, 30-meg)
-Panel 2-All Panelists
- MP3 Audio 4 (60 mins, 28-meg)
-Most of Panel 2 Q&A
- MP3 Audio 5 (57 mins, 27-meg)
-Remainder of Panel 2 Q&A, Mani Sabapathi through Matt Richardson
- MP3 Audio 6 (68 mins, 32-meg)
-Heather Brilliant through Michael Macchiaroli & Panel 3 Q&A
Materials
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April 30 Public Fact-Finding Hearing on the Use of
Credit-Based Insurance Scores
Agenda
and Written Testimony
Listen to Audio from the Hearing
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State Credit Scoring Reports
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| GAO Report on Consumer Credit Reporting Literacy |
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