INS CD-CREDIT IN UNDERWRITING

Amends the Use of Credit Information in Personal Insurance Act. In the provision concerning scope, includes non-commercial farm owners insurance policies and personal umbrella policies in the definition of "personal insurance". Makes changes in the provision concerning definitions. Makes changes in the provision concerning the use of credit information. Sets forth the methods that an insurer may use in its credit-related underwriting and rating of consumers. Sets forth disclosure requirements. Adds military deployment of a consumer to the definition of "extraordinary life event". Provides that an insurer must file language in its underwriting guidelines acknowledging the requirement to review and consider extraordinary life events. Provides that an insurer shall re-underwrite the consumer within 30 days if it is determined through any dispute resolution process (instead of the dispute resolution process set forth in the federal Fair Credit Reporting Act) that the credit information of a consumer was incorrect. Provides that scoring models filed by third parties are considered as filed by insurers and subject to the requirements of the Act. Provides that all rate, rating rule, underwriting guideline, and scoring model filings relating to credit information will be deemed to be public information and not considered to be a trade secret under the Illinois Trade Secrets Act. Makes other changes. Effective immediately.