§ 2801. Definitions. For the purposes of this article, the following terms shall have the following meanings: (a) “Adverse action” shall mean a denial or cancellation of, an increase in any charge for, or a reduction or other adverse or unfavorable change in the terms of coverage or amount of, any insurance, existing or applied […]
§ 2802. Use of credit information. An insurer doing business in this state that uses credit information to underwrite or rate risks for personal lines insurance, shall not: (a) use an insurance score that is calculated using income, gender, address, zip code, ethnic group, religion, marital status, or nationality of the consumer as a factor; […]
§ 2803. Dispute resolution and error correction. If it is determined through the dispute resolution process set forth in the federal Fair Credit Reporting Act, 15 USC 1681i(a)(5), that the credit information of a current insured was incorrect or incomplete and if the insurer receives notice of such determination from either the consumer reporting agency […]
§ 2804. Initial notification. An insurer writing personal lines insurance which uses credit information in underwriting or rating a consumer, shall disclose such fact to the consumer. The insurer shall provide the disclosure required under this section to any insured on new and renewal policies. (a) The disclosure must be provided in a separate written […]
§ 2805. Adverse action notification. If an insurer takes an adverse action based upon credit information, the insurer shall: (a) provide notification to the consumer that an adverse action has been taken, in accordance with the requirements of the federal Fair Credit Reporting Act, 15 USC 1681m(a); and (b) provide notification to the consumer explaining […]
§ 2806. Filing. (a) Insurers that use insurance scores to underwrite and rate risks must file their scoring models (or other scoring processes) with the superintendent. Any subsequent revision to the scoring models will require the insurer to file a summary of the revision with the superintendent within forty-five days. A third party may file […]
§ 2807. Sale of information by consumer reporting agency. (a) No consumer reporting agency shall provide or sell data or lists that include any information that in whole or in part was submitted in conjunction with an insurance inquiry about a consumer’s credit information or a request for a credit report or insurance score. Such […]
§ 2808. Indemnification. An insurer shall indemnify, defend and hold agents harmless from and against all liability, fees and costs arising out of or relating to the actions, errors or omissions of the agent resulting from obtaining or using credit information and/or insurance scores for an insurer, provided the agent follows the instructions of or […]
§ 2809. Severability. If any section, paragraph, sentence, clause, phrase, or any part of this article is declared invalid due to an interpretation of or a future change in the federal Fair Credit Reporting Act or is adjudged by any court of competent jurisdiction to be invalid, such judgment, interpretation or change shall not affect, […]
