Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 31 - (2003-1) Use of Credit Information for Determining Rates and Eligibility for Personal Insurance › Rule 19-1-31.14 - Mississippi Regulation 2003-1 Compliance Checklist

Current through June 25, 2024
Mississippi Regulation 2003-1 Compliance
				  Checklist
Throughout this document, "Insurer" refers to company name
				  _____________________ ,
___________________ AIC number _______________ . Please check
				  all boxes that apply and return the signed, completed checklist to the
				  Mississippi Department of Insurance.
The Insurer maintains and makes available upon request by the
				  Department the following information:
-When credit history will be ordered and when insurance
				  scores will be ordered or calculated, about whom such information will be
				  ordered and calculated, and how such information will be used (refer to Section
				  5.A. for examples);
-Disclosure forms (refer to Section 7.A. for further details)
				  provided to the applicant advising that credit report information will be
				  ordered, as well as evidence that the disclosure forms were furnished to the
				  applicant; and
-The adverse action notification, as detailed in Section
				  7.C.
The Insurer (or a third party on behalf of the Insurer) has
				  filed its insurance scoring model and underlying statistical support with the
				  Commissioner.
Check this box if any of the following applies to the Insurer
				  and check the box below to signify which is applicable:
The Insurer treats all consumers whose credit history is
				  unavailable ("no-hit") or incomplete ("thin file") as having the most favorable
				  credit history.
Subsequent to the passing of Regulation 2003-1, the Insurer
				  has filed and the Department is reviewing or has concurred with actuarial
				  documentation that supports the Insurer's practices regarding no-hits and thin
				  files. The no-hit and thin file support data submitted was segmented by age of
				  insured.
The Insurer treats no-hit and thin file applicants as having
				  neutral credit.
The Insurer provides its producers with informational
				  materials pertaining to the Insurer's use of credit history or insurance scores
				  in the underwriting and rating of its policies.
The Insurer does not deny, cancel, or non-renew personal
				  insurance coverage, calculate an insurance score, determine personal insurance
				  premiums or rates, or place an applicant in a tier based on the type of credit
				  card, charge card, or debit card used by an applicant or based on credit
				  information that the Insurer knows to be in dispute, if it is disputed on the
				  applicant's credit report.
The Insurer does not deny, cancel, or non-renew personal
				  insurance coverage, determine personal insurance premiums, or place an
				  applicant in a tier based solely on an applicant's credit history being a
				  no-hit or thin file if the Insurer has received accurate and complete
				  information from the applicant.
The Insurer does not refuse to insure an applicant based
				  solely on the applicant's credit history or insurance score.
The Insurer does not cancel or non-renew any policy based
				  solely on the insured's credit history or insurance score.
The Insurer does not use credit history or insurance scores
				  for any arbitrary, capricious, or unfairly discriminatory reason.
The Insurer does not request or calculate an applicant's
				  credit history or reinsurance score based on residence, sex, race, color,
				  creed, occupation, income, physical handicap, or disability of an
				  applicant.
The Insurer does not cancel or refuse to issue or renew any
				  policy solely because the applicant or insured does not have a credit card
				  account.
The Insurer does not determine any insured's initial or
				  renewal rates for personal insurance, or make a determination on an insured's
				  application for another line of personal insurance, solely based upon credit
				  history or insurance score.
The Insurer (or third party insurance score provider) shall
				  not use any of the following as a negative factor in any insurance scoring
				  methodology or in reviewing credit history for the purpose of underwriting or
				  rating a policy of personal insurance:
-Credit inquiries not initiated by the applicant or inquiries
				  requested by the applicant for his or her own credit information;
-Inquiries relating to insurance coverage;
-Collection accounts with a medical industry code, if so
				  identified in the credit history; or
-Multiple lender inquiries from the home mortgage industry
				  made within 30 days of one another, unless only one inquiry is
				  considered.
-Multiple lender inquiries from the automobile lending
				  industry made within 30 days of one another, unless only one inquiry is
				  considered.
The Insurer has reviewed and complies with the treatment of
				  inaccurate credit history information as outlined in Sections 5.E., 5.F., and
				  5.G. of MS Regulation 2003-1.
The Insurer has reviewed and complies with the notice
				  requirements outlined in Section 7. of Mississippi Regulation 2003-1.
I, ________________________________ , as an officer of
				  _______________________ do certify that said Insurer has reviewed and fully
				  complies with Mississippi Insurance Regulation No. 2003-1. Dated:
				  ___________________________
Signature:
				  _________________________________________
Miss. Code Ann. §
										83-5-29
				  (Rev. 2011)