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Update on Insurance Scoring Regulations: Key Developments and Trends from 2002-2023

This update explores the evolving landscape of insurance scoring regulations since 2002, including the involvement of the American Academy of Actuaries and various state legislative actions. The analysis covers over 40 state bills introduced, with 14 laws passed that restrict the exclusive use of insurance scores. Highlights include studies from Washington, California, and recent work in Virginia, Washington, and Alaska. The paper discusses the critical role of credit bureaus, particularly a Georgia-based company previously part of Equifax, in providing underwriting information like C.L.U.E. reports.

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Update on Insurance Scoring Regulations: Key Developments and Trends from 2002-2023

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  1. State Regulatory Update Insurance Scoring 2003 Casualty Actuary Society

  2. Not... Credit Bureau Insurance Company Who? Georgia-based Publicly Traded Formerly part of Equifax What we do underwriting information products C.L.U.E. credit reports motor vehicle reports insurance scores

  3. This issue gets a lot of attention!

  4. State Studies • Early Works • WA DMV 1968 • CA DMV 1987 • Recently Completed • VA, WA, AK • In Process • MD, TX

  5. Reviews • American Academy of Actuaries • OH Civil Rights Commission • Academic Reviews • University of TX, Austin • EPIC Actuaries

  6. 10 bills • 7 regulations/rules • NCOIL model approved 2002 • Over 40 states bills introduced • over 50 bills banning • 14 bills have passed • NCOIL - AR, GA, IN, IL, NE, ND, FL, KS,VA, TX • WY - no sole use • AZ, CO – adjusted 2002 laws • AK – similar to WA 2002 2003

  7. Insurance Scoring Laws Update ME WA ND MT VT MN NH MA NY OR WI ID CT SD MI RI WY PA NJ IA NJ NJ OH DE NE MD IN IL DC NV WV VA UT CO* MO KS CA KY AK NC TN SC OK AZ* NM AR 2002 Action 2003 Action GA MS AL LA TX FL HI Laws solid, Regulations hash marks ChoicePoint - Confidential

  8. Public Policy Issues • adverse action letters • FTC oversight • reason codes • better explanations • No sole use interpretation

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