With the use of credit scoring still under attack, the insurance industry would be wise to consider new ways to assess risk, according to an industry actuary. Roosevelt Mosley, a principal with Pinnacle Actuarial Resources Inc. said insurers will need …
Mississippi Gulf Coast policyholders are well aware a hurricane is guaranteed to hike insurance rates, but fewer realize their credit reports also are factored into homeowner and automobile insurance premiums. Consumers who have suffered financial setbacks because of the economy …
Washington insurers can continue to use credit scores when rating and underwriting insurance, at least for the time being. Washington Senate Bill 6252, which would have banned credit-based insurance scores, failed to come to a vote on the floor of …
Mississippi Gulf Coast policyholders are well aware a hurricane is guaranteed to hike insurance rates, but fewer realize their credit reports also are factored into homeowner and automobile insurance premiums. Consumers who have suffered financial setbacks because of the economy …
Bills to ban the use of credit scoring, streamline the licensing of agents and brokers, and improve health care are all on Washington’s Office of the Insurance Commissioner’s (OIC) legislative agenda for 2010. Among the proposed changes: Credit scoring: The …
Washington Insurance Commissioner Mike Kreidler is seeking to prohibit the use of credit history, education and income for rating and underwriting personal insurance — the effect of which would likely result in higher costs for consumers and less accuracy in …
Bills to improve health care, protect consumers, ban the use of credit scoring , streamline the licensing of agents and brokers, and broadening the definition of what’s considered “emergency care” are all on Washington’s Office of the Insurance Commissioner’s (OIC) …
Oregon’s Department of Consumer and Business Services recently fined Farmers Insurance Company of Oregon $10,000 for improperly using consumers insurance scores in calculating renewal rates on thousands of auto and homeowner policies. Oregon law prohibits insurers from using someone’s credit …
Washington state Insurance Commissioner Mike Kreidler has received the “Excellence in Consumer Advocacy Award” given out annually by consumer advisors to a nationwide association of insurance regulators. The award honors “the regulator we believe has most effectively represented and advanced …
A federal jury in Minneapolis on Friday ruled against Fair Isaac Corp. in its lawsuit accusing Experian Plc and TransUnion LLC of antitrust and trademark violations for using a credit scoring system that competes with its widely used “FICO” score. …
