Insurance Providers to Testify on Using Credit Scores

The Florida Office of Insurance Regulation has scheduled a hearing to question insurance companies on their usage of credit scores when setting insurance premiums.

Allstate, Geico, Nationwide, Progressive and State Farm Florida have all received subpoenas requesting that a representative attend the hearing.  The representative should be prepared to discuss how their company uses the credit scores, explain their rate setting models, and discuss what measures have been taken to ensure that a certain class of citizen is not being discriminated against (based on either race or income).

It is a public hearing set for Wednesday, February 18th at 9:00 am in the Cabinet Meeting Room in the Capital in Tallahassee.

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