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November 28, 2012
For immediate release
Government to review use of personal financial information by insurers
Environment, Labour and Justice
The Government of Prince Edward Island is reviewing the use of personal financial information by insurance companies, says Environment, Labour and Justice Minister Janice Sherry.
“In essence, what we are looking at is the question of whether someone’s personal financial information should be used in determining their eligibility for insurance coverage. Along with that is the question of whether personal financial information should be used by insurers in determining the rates clients will pay if accepted,” Minister Sherry said.
In recent years, insurance companies have increasingly been making use of personal financial information when offering private passenger vehicle insurance and residential property insurance. Factors used include credit history, credit scores, income level, net worth and level of debt.
A discussion paper and draft regulations are available online by following the consultations button on the government home page at www.gov.pe.ca/consultations.
Consumer, Labour and Financial Services can be contacted at 368-4550.