Nov., 2012 – In the spring of 2009, there was considerable media attention about the use of consumer credit information by insurance companies. The Canadian Council of Insurance Regulators (CCIR) decided to establish a Credit Scoring Working Group (CSWG) with a mandate to research and gather the facts surrounding credit-based insurance scores and how they are used in today�s regulatory environment.
In June, 2011, the CSWG sought comments from the public on its issues paper entitled Use of Credit Scoring by insurers. This paper was intended to check whether our understanding of the facts was correct and to build a common understanding about the topic among regulators, policy-makers, consumers and industry stakeholders.
Read the report (PDF).
The Canadian Council of Insurance Regulators (CCIR) is an inter-jurisdictional forum of provincial, territorial and federal insurance regulators with a mission to work cooperatively among themselves and with other financial services regulators, policy makers and stakeholders, toward solutions to common regulatory issues. Learn more at http://ccir-ccrra.org.