New York Regulators To Ban Insurer’s Use Of Controversial Pricing Data

Thursday, December 14th, 2017 Legislation & Regulation

Financial regulators in New York have banned the use of a consumer’s educational background and occupation as factors in pricing auto insurance premiums. People familiar with the matter told Dow Jones Newswires that New York Financial Services Superintendent Maria T. Vullo is expected to disclose soon that her department has made the decision following an extensive investigation of the controversial insurance practice. The sources also said that the state will disclose that Allstate and Liberty Mutual Insurance have agreed to eliminate the use of such factors when determining rates for New Yorkers.

---

https://www.insurancebusinessmag.com/us/news/breaking-news/allstate-liberty-mutual-agree-to-stop-using-controversial-pricing-data-as-regulator-mulls-ban-87705.aspx

---