With a legal challenge mounting from industry trade groups, several states that were planning to conduct a multi-state study of credit-based insurance scores have suspended that effort.Instead, the National Association of Insurance Commissioners (NAIC) will appoint a five-member panel to work with the Federal Trade Commission (FTC) and the Federal Reserve Board on their federally mandated research into the underwriting practice.
The Property Casualty Insurers Association of America (PCI) and the National Association of Mutual Insurance Companies (NAMIC) in June expressed legal concerns about the multi-state study and asked the states involved to withdraw their data requests from insurance companies.
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