NCOIL Modifies Credit Score Act Language
The National Conference of Insurance Legislators has altered its model law on insurer use of credit background to clarify its prohibition against sole use of credit scores in determining underwriting and rating decisions.
The lawmakers at their meeting in Chicago this month adopted a drafting note asserting that carriers are prohibited from using threshold credit scores in underwriting decisions to the point that no applicant or policyholder would be insured if their score fell below a certain number.
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