IBABC calls for credit-scoring restrictions

The Insurance Brokers Association of B.C. (IBABC) will urge the B.C. provincial government to include restrictions on credit scoring in the next Insurance Act, contrary to what Canadian Underwriter recently posted on its News Daily Web site, according to Chuck Byrne, executive director of the association.
Earlier this year, the organization tabled a brief on the subject with the Insurance Brokers Association of Canada (IBAC), which ratified the position that Canadian jurisdictions should at the very least adopt stringent regulatory restrictions on the practice similar to those in place in the U.S. at the state level.
The B.C. broker’s association has gone further in suggesting that legislation should “prevent the introduction of underwriting factors such as credit scoring that may restrict access to market.”