Provincial regulators expected to discuss IBC’s credit scoring code at CCIR meeting in March

The Canadian Council of Insurance Regulators (CCIR) is currently gathering background information on insurers’ use of credit-scoring in various jurisdictions, and has described the IBC’s voluntary Code of Conduct for Insurers’ Use of Credit Information as “a good place to start a conversation.”
Jim Hall is chairing a CCIR sub-committee on insurers’ use of credit-scoring. He indicated the CCIR has studied the IBC’s principles in its recently released Code of Conduct.
“We’re very interested in whatever the industry’s thoughts are on how to bring forward some standards, so we’re looking at them with interest,” Hall replied, when asked if some of the IBC’s principles might find their way into the CCIR’s deliberations. “And we’re also doing some research of our own with respect to other jurisdictions, primarily American, to see what the various states have done.
“We’re just trying to get some background information now and we’ll be discussing credit scoring further at our spring meeting, principally in respect to what the IBC is suggesting. I think it’s a good place to start a conversation.”
The CCIR’s spring meeting is scheduled to take place in Quebec City on March 25 and 26. Hall said the meeting would include a discussion about his subcommittee’s work plan; in addition, it would work out a process for completing the regulators’ review of the credit-scoring file.
Would the outcome of the subcommittee’s work result in a public consultation paper?
“That is one of the objectives of the committee, yes,” Hall said, clarifying that the subcommittee has not written anything yet, since it is still in the information-gathering phase. “That would be our intention.”