July 21, 2003: Statement From Insurance Commissioner Julianne M. Bowler Concerning The Proposed Regulation For The Use Of Credit Information In Rating Personal Lines Insurance

The Division of Insurance has been engaged in a process towards drafting a regulation that informs and safeguards consumers whose credit information could be used by insurers. The public hearing held at the Division on July 11th was an integral part of this process, as it yielded constructive testimony and information that my staff and I believe is necessary in developing sound and fair regulatory policy. However, it is clear that more work needs to be done to achieve the widest possible consensus.

For this reason, I have chosen to withdraw this proposed regulation in order to gather more information and fully address important concerns raised by those who testified at the hearing. We want to draft the best possible regulation. As such, I welcome and encourage further consultation and cooperation in this process.