Posts Tagged: Adverse Actions
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Jul 14, 2010
No CommentsCredit Scoring Use: Extraordinary Life Circumstances Exception Creates Added Consumer Protection
Although credit scoring use remains controversial in some jurisdictions, an estimated 90% of property and casualty personal lines insurers now use credit score information in underwriting and/or rating. Credit score information can include information on individual applicants or policyholders obtained by insurers from consumer credit reports, accident reports and prior losses, and subsequently used for...
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May 18, 2010
No CommentsA season of renewal – or is it?
Springtime is the season of renewal – the plants are blooming, the birds are back and Little League fields are busy again. For an insurer, the end of a property/casualty policy term in spring, summer, fall or winter is underwriting decision time. Generally speaking, an insurer wants to retain business and renew the policy. At...
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Nov 12, 2009
No CommentsChallenges in a Forms-Intensive Industry
Property and casualty insurance insurers certainly operate in a dynamic forms-driven environment. Application forms and related forms, notices, and disclosures, as well as advisory organization and proprietary policy forms and endorsements, play key roles in insurers’ underwriting and policy issuance functional areas. On the claims side, it is critical that insurers use current and accurate...
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Oct 15, 2009
No CommentsConsumer Protection Dominates Adverse Action Regulation in 2009
Property & casualty lines insurers witnessed multiple changes this year concerning cancellations, nonrenewals, and renewals of personal and commercial lines policies. These changes generally involved providing for additional regulatory structure around this underwriting function including consumer disclosures, and permitted or prohibited reasons. Some specific examples of such activity this year can be found in the...
