The American Insurance Association has issued a bulletin noting that the New Hampshire Insurance Department (NHID) has finalized a rule on credit-based insurance scores (INS 3300) “that balances consumer protections and insurers’ need to use this powerful tool.”
“AIA has worked with the department to fashion a workable regulation,” stated Laura Kersey, AIA assistant vice president, northeast region. “The use of insurance scores has proven to be a powerful predictor of risk.”
The AIA said it had originally worked with the NHID when it first proposed an insurance score regulation in 2001. It found the regulation, ultimately adopted in 2002, to be “reasonable.” The AIA again worked with NHID – for more than a year – as they thoroughly revisited the original regulation. “Fortunately, the final product of all this work is both thoughtful and balanced,” Kersey concluded.
The regulation will be effective July 1, 2004
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