New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IX - Unfair Trade Practices
Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance
Section 221.9 - An insurer's use of scoring model(s), other scoring processes, or any other credit information in the underwriting or rating of personal lines insurance
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Each scoring model filing made with the superintendent shall include the date upon which the insurer intends to implement a new or revised scoring model (or other scoring processes) in its underwriting or rating of personal lines insurance policies.
(b) An insurer shall file a summary of how any existing, new or revised scoring model (or other scoring processes) is used with respect to underwriting. This explanation shall encompass the following:
(c) An insurer shall maintain its underwriting rules and guidelines governing the use of credit information, and a record of all changes thereto, in writing at the insurer's offices in accordance with section 243.2 of this Title (Regulation No. 152) and they shall be made available to the superintendent upon request.
(d) An insurer that uses credit information in the rating of its personal lines insurance policies shall also file with the superintendent its classifications, rating factors, and tier movement rules, applicable to the use of credit information, in accordance with article 23 of the Insurance Law.
