NY Regulators Call on Insurers to Reveal Data Sources

July 19, 2017 by Cyril Tuohy

Insurers operating in New York State will have to reveal by July 25 whether they rely on external data sources to underwrite life insurance coverage, according to state regulators.

The request for the information was initiated by Maria T. Vullo, superintendent of the New York State Department of Financial Services in a letter last month to insurers and fraternal benefit societies.

Vullo’s office wants to know whether insurance companies are using credit scores, purchasing habits, affiliations, home ownership records and even educational attainment as external data points in their underwriting procedures.

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Originally Posted at InsuranceNewsNet on July 18, 2017 by Cyril Tuohy.