Hatch practical objectives of the insurance premium
Sue Simon and her husband have since more than 20 years without an accident or a speeding ticket. A few months ago, the bankrupt after a series of setbacks in three months: a major surgery on his mother’s death and a fire house. Despite their good driving record, however, Allstate cancelled their auto insurance. His agent said it was because of their creditworthiness.
Simons: Give us a break. When I started the first round, she watched on your route. This is what your insurance based on nothing else. I never at-Risk-pilot. Indeed, I drive for Army Hi. I can understand a player Hennepin County car. You have to take a good road to go.
Some insurance companies are credit ratings, not only to decide, coverage, but at what price. The Prosecutor General has an office-and non-stellar credit can mean paying hundreds of dollars on contributions.
Minnesota Attorney General Mike Hatch insurance companies want to stop that practice because he said there is no correlation between credit rating and risk.
Hatch: they must not be royalties on the base, as many people can iron hollow, only because they are not both in a financial form as the rest of us. They should do so on the basis of the tendency to have accidents, that is what is it ever. What they are doing on the line. They are putting the stove in depression and it affects the small type.
The head of Minnesota’s Insurance Federation does not agree.
Parsons: If you have a good care of your credit, you will no doubt good maintenance of your car and your home.
Alvin Parsons, director of an association, insurance companies. He said there is a direct link between a person’s credit rating and risk. He said that the crossover credit car at home and the owner “Insurance is useful, because a credit rating does not discriminate on the basis of a person, sex and skin colour. He also said, it costs less.
Parsons: The reason why you with them instead to go into account all the criteria that you normally would: How many accidents did you ever How long have you driving and all things. You use a credit for a substitute history and it is automated. You will receive the credit history of Credit Bureau, and it is in an economic model, and it comes with a forecast of whether it is a good or not good risk risk.
Minnesota largest association of independent insurance agents, said the officer practice, in a hard place. Dan Riley of the independent insurance agent in Minnesota, said less than half of insurance companies on solvency.
Riley: It is difficult to tell a consumer, after requesting that their credit report is not satisfactory. Some things, it gets your customers up or down. If you have many credit cards and you too well that the credit line on your credit line non-renewable, they take into account.
Minnesota, is one of a handful of states in the nation, the insurance agent to obtain written permission before accessing credit. But at least one man who worked in industry for 30 years, said some companies may not always be the law of Minnesota seriously. Jim Stockholm said agents will be able to jeopardize their relationships with their business or the law of Minnesota.
Sweden: All laws are open to interpretation and insurance companies are interpreting their representatives. The agents are not such as to the interpretation of the insurance company. This leads to insurance agents in a very bad situation with their clients. Customers see it as a violation of privacy.
Al Parsons Minnesota assurance of the federation, says he believes that companies follow the law of Minnesota and if they do not, they face the implementation of Commerce Department. Attorney General Hatch, says he looking for a legislator to author a bill on the prohibition of insurance companies, corporate credit rating to evaluate risks.
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