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2004 Farm Bureau Actuaries Meeting August 1 4, 2004 Ron Pridgeon

What's an NCOIL ?. National. Conference. Of. Insurance. Legislators.

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2004 Farm Bureau Actuaries Meeting August 1 4, 2004 Ron Pridgeon

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    5. Passed NCOIL Legislation

    7. Disclosure of Use The insurer or its agent shall disclose, either on the insurance application or at the time the insurance application is taken, that it may obtain credit information in connection with such application.

    8. Rescoring Use credit information unless not later than every 36 months the insurer recalculates the insurance score or obtains an updated credit report. Regardless of the requirements of this subsection:

    9. Rescoring Use credit information unless not later than every 36 months the insurer recalculates the insurance score or obtains an updated credit report. Regardless of the requirements of this subsection:

    10. Rescoring Exceptions No insurer need obtain current credit information for an insured, despite the requirements if one of the following applies:

    11. Notification of Adverse Action If an insurer takes an adverse action based upon credit information, the insurer must:

    12. Notification (cont.) Such notification shall include a description of up to four factors that were the primary influences of the adverse action.

    13. Dispute Resolution If it is determined through the dispute resolution process set forth in the federal fair credit reporting act that the credit information of a current insured was incorrect or incomplete

    14. Dispute Resolution (cont.) then the insurer shall re-underwrite and re-rate the consumer within 30 days of receiving the notice.

    15. Model Restrictions Use an insurance score that is calculated using income, gender, address, zip code, ethnic group, religion, marital status, or nationality of the consumer.

    16. Model Restrictions (cont.) Use the following as a negative factor in any insurance scoring methodology or in reviewing credit information for the purpose of underwriting or rating a policy of personal insurance:

    17. Model Restrictions (cont.) Multiple lender inquiries, if coded by the consumer reporting agency on the consumers credit report as being from the home mortgage industry and made within 30 days of one another, unless only one inquiry is considered.

    18. Treatment of No Hits/Inconclusives Consider an absence of credit information or an inability to calculate an insurance score in underwriting or rating personal insurance, unless the insurer does one of the following:

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