Consumer Reps: Insurers Use ‘Bad Faith’ On Underwriting Definitions
May 25, 2021 by John Hilton
Several consumer groups are accusing life insurers of obstructing an effort by state insurance regulators to establish guidelines for accelerated underwriting.
The National Association of Insurance Commissioners’ working groups are charged with establishing the “data elements” and “definitions” to be used in accelerated underwriting.
Consumer representatives are most concerned about questionable data sources that fall outside “the disclosure and consumer protection provisions of the Fair Credit Reporting Act,” as the Center for Economic Justice wrote in a letter this week.