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2003 Casualty Actuary Society

State Regulatory Update. Insurance Scoring. 2003 Casualty Actuary Society. 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

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2003 Casualty Actuary Society

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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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