Disclosure of use of credit information.
1. If an insurer uses credit information in underwriting or rating an applicant, the insurer or its agent shall disclose, either on the application for the policy or at the time the application is taken, that the insurer may obtain credit information in connection with the application. The disclosure must be written or provided to an applicant in the same medium as the application. The insurer need not provide the disclosure required pursuant to this section to a policyholder upon renewal of a policy if the policyholder was previously provided the disclosure in connection with the policy.
2. An insurer may comply with the requirements of this section by providing the following statement:
In connection with this application for insurance, we may review your credit report or obtain or use a credit-based insurance score based on the information contained in that credit report. We may use a third party in connection with the development of your insurance score.
Last modified: February 27, 2006