Insurance Consumer Advocate Proposes Amendment to Credit Score Rule
Oct 27, 2008
The Florida Office of Insurance Regulation (“OIR”) held a Rule Development Workshop today, October 27, 2008, on Rule 69O-125.005 and proposed Rule 69O-125.006 relating to the use of credit reports or credit scores by insurers. These Rules are intended to implement certain provisions of Section 626.9741, F.S., which address insurers’ compliance with statistical detail standards necessary to ensure that rates or premiums associated with credit reports or scores are not unfairly discriminatory.
A copy of Rule 69O-125.005 is attached for your review. To view the meeting notice, click here.
OIR General Counsel Steve Parton, Deputy Director Michael Milnes and OIR Counsel Steve Fredrickson presided over the Workshop.
Interim Florida Insurance Consumer Advocate Terry Butler submitted a proposed amendment to the Rule that would prohibit insurers from using foreclosure proceedings or a reduction in available credit as the basis for an adverse decision. A copy of the amendment is attached for your review.
Mr. Parton stated that the text of a proposed Rule relating to the general use of credit scores or credit reports by insurers will be released at a later date.
The record will remain open for comment for 10 calendar days from today’s Workshop.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
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