Code of Conduct for Insurers’ Use of Credit Information
Understand the guidelines used by insurers who use consumer credit information in their underwriting and rating activities for personal insurance.
Purpose and scope
The purpose of this Code of Conduct is to provide insurers who use credit information in their underwriting and rating activities for personal insurance with guidelines on the use of credit information in accordance with principles of consumer protection and applicable federal and provincial laws.
This Code applies to personal insurance only and does not apply to commercial insurance. In this context, “personal insurance” means private passenger automobile, homeowners, motorcycle, mobile homeowners and non-commercial dwelling fire insurance policies [including boat, personal watercraft, snowmobile and recreational vehicle polices]. Such policies are individually underwritten for personal, family or household use. “Credit information”, is defined in this Code to include credit scores, credit history, credit reports and other credit related information as defined under the provincial Consumer Reporting Acts.
10 guidelines for insurer’s use of credit information
These guidelines are for the use of credit information obtained from a consumer reporting agency in the context of quoting, underwriting and rating.
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