The Canadian Council of Insurance Regulators (CCIR) is currently reviewing the results of a consultation it conducted last year on credit scoring, but it doesn’t appear likely that a harmonized approach to credit scoring will be the outcome.
“Frankly, there will be no harmonized policy on use of credit information in underwriting,” CCIR chairwoman Danielle Boulet said in a Dec. 13 speech at a Canadian Association of Financial Institutions in Insurance (CAFII) board of directors meeting.
“Some jurisdictions feel it is a valid tool to underwrite and price insurance, but other jurisdictions have banned its use already and still others are moving to do so.
Canadian Underwriter.ca – January 9, 2012.
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