Where the New York regulator’s insurance probe is headed
Posted onAuthorElvira R. McCoyComments Off on Where the New York regulator’s insurance probe is headed
By Matthew Gaul and Maxfield Fey (March 24, 2022, 5:46 p.m. EDT) — The use of credit rating information in insurance underwriting and rating processes has been controversial for many years.
Regulators and consumer advocates frequently raise concerns about the fairness of using credit information to assess insurance risk and the potential negative impact on low-income people and members of racial minorities and ethnic.
Insurers, on the other hand, cite the predictive value of credit information, its availability, and the importance of including it in a combination of rating factors to accurately assess risk.
Over the years, a number of states, including New York, have imposed legal and regulatory limits on the use…
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