FOR IMMEDIATE RELEASE

INSURANCE REGULATORS TO HOLD
HEARING ON CREDIT SCORING

WASHINGTON, D.C. (April 27, 2009) - The National Association of Insurance Commissioners (NAIC) will hold a public hearing Thursday, April 30, about insurance companies' use of credit scoring.

The hearing - co-hosted by the Property and Casualty Insurance Committee and the Market Regulation and Consumer Affairs Committee - will focus on the impact of credit-based insurance score on consumers, including the following issues:

  • An explanation of what constitutes a credit-based insurance score;
  • An explanation of how insurers use credit-based insurance scores; and
  • A discussion on how current economic conditions have affected policyholder premiums related to credit-based insurance scores.

"Credit scoring is one of the most significant developments in the pricing of auto and homeowners insurance in the past 20 years," said NAIC President and New Hampshire Insurance Commissioner Roger Sevigny. "Our goal is to protect consumers by ensuring that any use of credit scoring does not have unfair or unintended consequences."

An agenda for the public hearing will be posted to www.NAIC.org once it is finalized.

WHAT: Public Hearing on Credit-Based Insurance Scores
WHEN:

8:45 a.m. - 5 p.m.
Thursday, April 30, 2009

WHERE:

Hyatt Regency Crystal City
2799 Jefferson Davis Highway
Arlington, VA 22202
Click HERE for more information about room rates and reservation details.

Click HERE for the complete public hearing notice.

About the NAIC

Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.

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