A - IBC Code of Conduct Flashcards
IBC CODE OF CONDUCT
10 rules of IBC code of conduct for the use of Credit Scores for insurance purposes
1) COMPLY WITH PROVINCIAL LAWS
2) CREDIT INFORMATION MUST BE CURRENT AND ACCURATE
when informed of a correction, insurer must immediately take action.
3) GET CONSENT PRIOR TO COLLECTING AND USING CREDIT INFORMATION (written or verbal)
consent must be informed. no one can give consent for someone else. insurer must keep consent. consent is valid as long as continuous business relationship.
4) CREDIT INFO MUST BE CONFIDENTIAL AND PRIVATE.
info accessed only by those required by job to do so.
5) USE OF CREDIT AS A SOLE VARIABLE
insurer must not refuse to quote, deny, cancel or non renew a policy SOLELY due to credit score without consideration of non-credit variables.
6) USE OF CREDIT SCORE MUST BE LEGIT
for U/W, pricing, but not to discriminate for income/gender/ethnic/religion/marital
7) MUST HANDLE CONSUMERS DISPUTES
8) FAIR TREATMENT OF CUSTOMERS
must disclose adverse action taken only as a result of credit info and must treat customers without credit info fairly
9) REFUSAL OF CONSENT
insurer cannot refuse to give a quote, terminate or refuse to renew because consumers do not want to give consent.
10) EXTRAORDINARY LIFE CIRCUMSTANCES
If insured believe a extraordinary life circumstances affected his credit score, he can submit a written request and insurer would have to review decision to use credit.
