Commissioner Frank M. Fitzgerald of the Michigan Office of Financial and Insurance Services will discuss his findings on insurance scoring at a national workshop on urban insurance to be held Oct. 23-24 at the Hotel Monaco in Chicago.
The conference, organized by the Urban Insurance Partners Institute (UIPI), a nonprofit insurance industry group, will also feature a presentation by Madelynne Brown, assistant director of the Illinois Department of Insurance and a member of the National Association of Insurance Commissioners (NAIC) Credit Scoring Working Group.
“A total of 35 to 40 states are expected to consider legislation or regulations related to credit based insurance scores in 2003. One of those states, Michigan, is set to release a report in November, based on a series of recent hearings across the state,” said the bulletin.
“Michigan learned a great deal in the course of the hearings from consumers, insurance companies, national insurance associations and credit scoring companies,” Fitzgerald stated. “We’re seeing certain trends in the use of credit based insurance scores, and find that now is the right time to determine how regulations should affect insurance scoring.”
The commissioner will provide the keynote address during lunch Oct. 23, following a panel discussion highlighting insurance scoring moderated by a former president of the National Association of Insurance Commissioners, Bruce Foudree, now of Lord, Bissell & Brook in Chicago. Foudree served as commissioner of the Iowa Insurance Department.
The announcement invited workshop participants to submit questions to the Michigan and Illinois regulators for their views on various business practices. Chuck Chamness, a VP at the National Association of Mutual Insurance Companies (NAMIC), stated that “We believe insurance scoring will continue to be a significant issue in the coming year, based on what we’re hearing in various state legislatures across the country. Companies and insurance trades need to continue to educate policymakers about the use of credit based insurance scores.” NAMIC will provide a national overview of legislative and regulatory trends relating to credit based insurance scores at the UIPI workshop.
For more information on the workshop contact Suzanne Reade, UIPI president, at (773) 880-8780 or see www.uipi.org. Workshop registration forms are available on-line.
Topics Legislation Michigan
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