The Florida Office of Insurance Regulation (OIR) will review testimony on use of consumer credit information as an auto insurance rating factor, but has no timeline yet regarding when, or if, it will take action to curb the practice, a spokesman said.
The OIR subpoenaed five insurance companies--Allstate, GEICO, Nationwide, Progressive and State Farm--to a hearing this past Wednesday and questioned them on how they use credit information in their underwriting practices.
OIR spokesman Ed Domansky said Commissioner Kevin McCarty's position on the use of credit scoring has been, as noted in documents on the OIR Web site, that the practice leads to an unintentional discriminatory effect on low-income individuals and minorities.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
