IBAO is applauding Liberal MPP Mike Colle's introduction of his private member’s Bill 130: The Homeowners Insurance Credit Scoring Ban Act, 2010 on Thursday, November 4, 2010.
The Bill is asking that the use of credit scoring on personal property insurance be banned. A growing number of insurers are using people’s credit score to measure their insured risk. This has led to an increase in insurance premiums or an absolute denial of insurance to many Ontario citizens.
Just two days prior to the announcement, IBAO broker members visited Queen’s Park to meet with numerous MPP’s to discuss this growing concern. IBAO is thrilled that a member of the Ontario government has stepped forward and introduced this bill. They are pleased that their collective voice was heard and that this action was taken.
Sadly, the current use of credit scoring to measure a person’s insured risk is affecting those who least can afford it. This includes seniors, newcomers to Canada, the unemployed, single income families and small business owners utilizing lines of credit.
Progress was made in 2005, when the Ontario government banned the practice of using credit scoring in auto insurance policies. This was further enforced this year as part of the new auto regulations that came into effect on September 1, 2010.
In 2005, Mr. Colle was Parliamentary Assistant to the Minister of Finance and played a huge part in the ban. His actions, both in the past and present, clearly demonstrate his commitment to protecting consumers.
Click Here to Read the Bill on the Ontario Legislative Assembly's website.
Click Here to Support Bill 130 by sending an email to MPP Mike Colle.