Property-casualty industry trade groups are assailing the Florida Office of Insurance Regulation's plans for a new rule restricting carriers' use of credit records to rate customers.
Florida Insurance Commissioner Kevin McCarty said yesterday that the OIR will implement a new credit scoring rule requiring all insurers to make filings providing proof that use of credit scores does not have a disparate impact on a group of people defined by race, color, religion, gender or age.
"The filings must also include a complete description of the methodology utilized when using credit information and what impact having little or no credit history would have on policyholders," Mr. McCarty wrote.
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