INSURANCE REGULATION 116 Use of Credit - Extraordinary Life Events and Insufficient Credit
|Title||230||Department of Business Regulation (includes the Office of the Health Insurance Commissioner)|
|Subchapter||05||Personal Lines - Automobile and Homeowners Insurance|
|Part||15||INSURANCE REGULATION 116 Use of Credit - Extraordinary Life Events and Insufficient Credit|
|Type of Filing||Adoption|
|Regulation Status||Inactive View Active Rule|
|Effective||07/01/2011 to 07/01/2011|
Regulation Authority :
R.I. Gen. Laws §§ 27-6-1 et seq., 27-9-1 et seq.; 27-44-1 et seq. and 42-14-17.
Purpose and Reason :
The purpose of this Regulation is to establish guidelines regarding insurer’s use of credit in underwriting and rating of homeowners and/or private passenger automobile insurance when a consumer experiences an extraordinary life event as defined in this Regulation and/or to address the absence of or insufficient credit history for an applicant or insured.