Office of Financial and Insurance Services (OFIS) Commissioner Linda A. Watters today announced that four public hearings on the proposed rules to ban the use of credit scoring in setting automobile and home insurance rates will be held throughout the state. “I proposed these rules because I believe that using credit scores to determine insurance rates is unfair and does not conform with the requirements of the Essential Insurance Act,” Watters said. “These public hearings will give citizens an opportunity to voice their opinions on the issue. I am eager to hear what people from across Michigan have to say.”

The dates, times, and locations of the public hearings are:

Monday, July 19, 1 p.m.
Forum, Ground Floor
Michigan Library and Historical Center
702 West Kalamazoo
Lansing
(Handicap assistance phone # 517-373-4454)
(Parking in adjoining lot)

Wednesday, July 21, 1 p.m.
Grand Rapids Commission Chambers
300 Monroe Ave. NW
Grand Rapids
(Handicap assistance phone # 616-456-3027)
(Parking under building)

Monday, July 26, 1 p.m.
Cadillac Place, Room L500
3044 West Grand Blvd.
Detroit
(Handicap assistance phone # 313-456-4001)
(Parking within one block off Grand & Cass)

Wednesday, July 28, 1 p.m.
City Hall, Third Floor Council Chambers
1101 South Saginaw
Flint
(Handicap assistance phone # 810-766-7430)
(Parking off 7th Street)

The proposed ban on the use of credit scoring in setting insurance rates is scheduled to take effect January 1, 2005. OFIS has estimated that insurers will be required to roll back base rates between 10 and 45 percent when the proposed rules take effect.

The proposed rules (Rule Set 2004-022LG) are published on the Michigan Government web site at http://www.michigan.gov/orr and in the July 1, 2004 issue of the Michigan Register.

Comments may be submitted to the following address by 5 p.m. on July 30, 2004. Copies of the draft rules also may be obtained by mail or electronic transmission at the following address:

Office of Financial and Insurance Services
Policy Division
Department of Labor and Economic Growth
P.O. Box 30220
Lansing, MI 48909-7720
E-mail: WSNelso@michigan.gov
Fax: 517-335-1727, attention: Wendy Nelson

The public hearings will be conducted in compliance with the 1990 Americans with Disabilities Act in accessible buildings with handicap parking available. Anyone who needs assistance to participate in a public hearing may call the handicap assistance phone number provided for the respective locations to make arrangements.