The Canadian Council of Insurance Regulators (CCIR) group tasked with reviewing the use of credit scoring by insurers has been unable to come up with recommendations on the matter, in perhaps a disappointing end to a long look at the issue.
CreditIn its November 2012 findings report, the Credit Scoring Working Group noted it had a “preponderance of opinion but a dearth of fact as to the actual and current, rather than potential, harms that may be accruing to consumers from the use of credit scores by insurers.”
To reach a point where it could make recommendations, the group said market conduct reviews by various provincial regulators would be needed, and that’s beyond CCIR’s scope.
Canadian Underwriter.ca – November 28, 2012.
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