Disclosure by insurer of use of credit information

(a) If an insurer writing personal insurance uses credit information in underwriting or rating a consumer, the insurer or its agent shall disclose, either on the insurance application or at the time the insurance application is taken, that it may obtain credit information in connection with such application. Such disclosure shall be either written or provided to an applicant in the same medium as the application for insurance. The insurer need not provide the disclosure statement required under this Code section to any insured on a renewal policy, if such consumer has previously been provided a disclosure statement. (b) The disclosure required by this Code section shall be in substantially the following form: ‘‘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 385 33-24-95 report. We may use a third party in connection with the development of your insurance score.’’ History. — Code 1981, § 33-24-93, enacted by Ga. L. 2003, p. 343, § 1. 33-24-94. Adverse action based on credit information; notice to consumer. If an insurer takes an adverse action based upon credit information, the insurer must meet the notice requirements of this Code section. Such insurer shall provide notification to the consumer that an adverse action has been taken, in accordance with the requirements of the federal Fair Credit Reporting Act, 15 USC 1681m(a), and shall provide notification to the consumer explaining the reason or reasons for the adverse action. The reasons must be provided in sufficiently clear and specific language so that a person can identify the basis for the insurer’s decision to take an adverse action. Such notification shall include a description of up to four factors that were the primary influences of the adverse action. The use of generalized terms such as ‘‘poor credit history,’’ ‘‘poor credit rating,’’ or ‘‘poor insurance score’’ does not meet the explanation requirements of this Code section. Standardized credit explanations provided by consumer reporting agencies or other third party vendors are deemed to comply with this Code section. History. — Code 1981, § 33-24-94, enacted by Ga. L. 2003, p. 343, § 1. 33-24-95. Filing scoring models with Commissioner; confidential nature of filing.