October 21, 2010 by Canadian Underwriter
The Insurance Brokers Association of B.C. (IBABC) is acting as an intervenor in the province’s first complaint to the B.C. Privacy Commissioner about the use of credit scoring in an insurance transaction.
Currently, it is legal for insurers in B.C. to use credit scoring for the purpose of underwriting insurance. IBABC has called for a ban on the use of credit scoring for underwriting home and auto lines.
In the matter before the B.C. Privacy Commissioner, IBABC will be asked to evaluate the use of credit scoring in insurance transactions.
Instructions for submissions will be issued on Nov. 9, 2010, and the deadline for submissions will be Dec. 1, 2010.