4310891, 69O-125.005 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 4310891

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

UNFAIR DISCRIMINATION

Overview

RULE:

69O-125.005	Use of Credit Reports and Credit Scores by Insurers
69O-125.006	Unfair Discrimination in Use of Credit Reports or Credit Scores by Insurers

PURPOSE:

The proposed rules implement the provisions of Section 626.9741, F.S. created by Senate Bill 40-A. Rule 69O-125.005, F.A.C., requires the review and approval of an insurers use of credit reports and credit scores, requires submission of specified information and verification that the models, methods, programs and other processes are accurate predictors of risk and are in compliance with the provisions of Section 626.9741, F.S. and Rule 69O-125.006, F.A.C., provides standards that ensure that rates or premiums associated with the use of a credit report or score are not unfairly discriminatory. The rule specifies the statistical requirements and standards for the testing of credit scoring methodologies to assure they do not have a disproportionate impact on the classifications specified in Section 626.9741(8)(c), F.S.

SUMMARY:

The proposed rules implement the provisions of Section 626.9741, F.S. created by Senate Bill 40-A. Rule 69O-125.005, F.A.C., requires the review and approval of an insurers use of credit reports and credit scores, requires submission of specified information and verification that the models, methods, programs and other processes are accurate predictors of risk and are in compliance with the provisions of Section 626.9741, F.S. and Rule 69O-125.006, F.A.C., provides standards that ensure that rates or premiums associated with the use of a credit report or score are not unfairly discriminatory. The rule specifies the statistical requirements and standards for the testing of credit scoring methodologies to assure they do not have a disproportionate impact on the classifications specified in Section 626.9741(8)(c), F.S.

RULEMAKING AUTHORITY:

624.308(1), 626.9741(8) FS.

LAW:

624.307(1), 626.9741 FS.

PRINT PUBLISH DATE:

6/29/2007 Vol. 33/26

COMMENTS:

From 6/29/2007 To 7/20/2007 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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