Florida regulators grilled insurance representatives last week over what they were doing to make sure their use of consumer credit scores in auto policy underwriting and pricing does not negatively impact minority and low-income groups.
The hearing was the latest battleground in a six-year confrontation between insurers and the Florida Office of Insurance Regulation over the use of consumer credit history to set premiums.
Five carriers were subpoenaed to appear--Allstate, GEICO, Nationwide, Progressive and State Farm. Company representatives emphasized that credit scoring is just one factor used to evaluate risks, while consumer advocates questioned the reliability of such information.
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