Tuesday, July 29, 2003
Where Credit is Due
Poor Insurance Commissioner Bowler has been taking hits for proposing that credit scores be used to help set property insurance rates. (source: Boston Globe, 7/12/2003; RiaF, 7/21/2003)
Now it appears that the proposed regulation was actively backed by Willard Mitt Romney himself. (source: Boston Globe, 7/29/2003) Which isn’t necessarily a bad or even new thing. Credit scores may be used by nine of the top ten property and casualty insurance companies in the nation. (source:www.fairisaac.com)
But whether credit scores result in higher insurance costs for lower-income persons is unclear. (source: Boston Herald. 7/12/2003) And the state Division of Insurance has no data to settle the issue. (source: Boston Globe, 7/29/2003)
Which makes another request by the Fraud Governor seem very odd, indeed.
Commissioner Bowler sent an e-mail to her staff on June 6 indicating that the Fraud Governor wanted to issue the credit scoring regulation, and wanted to find out how many insurance consumers would benefit from credit scoring. However, Romney also wanted a written assurance from the National Association of Insurance Commissioners that the Commissioners would not be doing a study on the impact of credit scoring on minorities and low-income consumers. (source: Boston Globe, 7/29/2003)
Huh? He wanted the regulation, but did not want to find out if it adversely affected minorities?
This just after recently boasting about creating a new Office of Diversity and Equal Opportunity to, in part, “identify and remove barriers so that programs and services are accessible to all the citizens of Massachusetts.” (source: Office of (Fraud) Governor, “Romney Creates Office of Diversity and Equal Opportunity, 6/17/2003)
The first person the Office of Diversity and Equal Opportunity should employ is an actuary.
Poor Insurance Commissioner Bowler has been taking hits for proposing that credit scores be used to help set property insurance rates. (source: Boston Globe, 7/12/2003; RiaF, 7/21/2003)
Now it appears that the proposed regulation was actively backed by Willard Mitt Romney himself. (source: Boston Globe, 7/29/2003) Which isn’t necessarily a bad or even new thing. Credit scores may be used by nine of the top ten property and casualty insurance companies in the nation. (source:www.fairisaac.com)
But whether credit scores result in higher insurance costs for lower-income persons is unclear. (source: Boston Herald. 7/12/2003) And the state Division of Insurance has no data to settle the issue. (source: Boston Globe, 7/29/2003)
Which makes another request by the Fraud Governor seem very odd, indeed.
Commissioner Bowler sent an e-mail to her staff on June 6 indicating that the Fraud Governor wanted to issue the credit scoring regulation, and wanted to find out how many insurance consumers would benefit from credit scoring. However, Romney also wanted a written assurance from the National Association of Insurance Commissioners that the Commissioners would not be doing a study on the impact of credit scoring on minorities and low-income consumers. (source: Boston Globe, 7/29/2003)
Huh? He wanted the regulation, but did not want to find out if it adversely affected minorities?
This just after recently boasting about creating a new Office of Diversity and Equal Opportunity to, in part, “identify and remove barriers so that programs and services are accessible to all the citizens of Massachusetts.” (source: Office of (Fraud) Governor, “Romney Creates Office of Diversity and Equal Opportunity, 6/17/2003)
The first person the Office of Diversity and Equal Opportunity should employ is an actuary.
