Senate Committee Defeats Credit Scoring Methodology Public Record Exemption Proposal

The Senate Banking and Insurance Committee (“Committee”) today defeated SB 7042 – Relating to Open Government Sunset Review/Reports by Insurers.

The bill extends the current public records exemption that applies to credit scoring methodologies used by insurers.

Currently, those insurers using credit scores to help determine policyholder rates must submit the type of credit scoring model used in their calculation to the Florida Office of Insurance Regulation. These models are currently exempt from Florida’s public records law.

The Committee staff recommendation was to extend the exemption as stated in the Committee Interim Report “Open Government Sunset Review of Section 626.97411, F.S., Credit Scoring Methodologies.”

To view a copy of the Interim Report, click here.  

Although complete vote information is not available at this time, it has been verified that Committee Chairman Bill Posey voted against the bill.

This Firm will continue to provide updates as more information becomes available.

 

Should you have any questions or comments, please do not hesitate to contact this office.

 

To unsubscribe from this newsletter, please send an e-mail to ccochran@cftlaw.com