Indiana Code 27-2-21-20. Filings
Current as of: 2023 | Check for updates
|
Other versions
Sec. 20. (a) An insurer that uses an insurance score to underwrite and rate risks shall file the insurer’s scoring models or other scoring processes with the department.
(c) A filing that includes insurance scoring may include loss experience justifying the use of credit information.
(b) A third party may file a scoring model or scoring process on behalf of an insurer.
Terms Used In Indiana Code 27-2-21-20
- credit information: means credit related information:
Indiana Code 27-2-21-7
- department: refers to the department of insurance created by IC 27-1-1-1. See Indiana Code 27-2-21-9
- insurance score: means a number or rating that is derived from an algorithm, computer application, model, or other process that is based on credit information for the purpose of predicting the future insurance loss exposure of an individual consumer. See Indiana Code 27-2-21-11
- insurer: refers to an insurer (as defined in IC 27-1-2-3) that issues a personal insurance policy. See Indiana Code 27-2-21-13
(d) A filing related to credit information is confidential.
As added by P.L.201-2003, SEC.1.