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Terms Used In Louisiana Revised Statutes 22:1503

  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
  • Policy: means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state, or any binder based on such a policy, insuring a single individual or husband and wife resident of the same household, as named insured, and under which the insured vehicles therein designated are of the following types only:

                (a) A private passenger vehicle that is not used as a public or livery conveyance for passengers, nor rented to others. See Louisiana Revised Statutes 22:1266

For the purposes of this Subpart, the following terms shall have the following meanings:

(1)  “Adverse action” means a denial or cancellation of, an increase in any charge for, or a reduction or other adverse or unfavorable change in the terms of coverage or amount of any insurance, existing or applied for, in connection with the underwriting of personal insurance.

(2)  “Affiliate” means any company that controls, is controlled by, or is under common control with another company.

(3)  “Applicant” means any individual who has applied to be covered by a personal insurance policy with an insurer.

(4)  “Consumer” means an insured whose credit information is used or whose insurance score is calculated in the underwriting or rating of a personal insurance policy or an applicant for such a policy.

(5)  “Consumer reporting agency” means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties.

(6)  “Credit information” means any credit-related information derived from a credit report, found on a credit report itself, or provided on an application for personal insurance.  Information that is not credit related shall not be considered “credit information”, regardless of whether it is contained in a credit report or in an application, or is used to calculate an insurance score.

(7)  “Credit report” means any written, oral, or other communication of information by a consumer reporting agency bearing on a consumer’s credit worthiness, credit standing, or credit capacity which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor to determine personal insurance premiums, eligibility for coverage, or tier placement.

(8)  “Insurance score” means a number or rating that is derived from an algorithm, computer application, model, or other process that is based in whole or in part on credit information for the purposes of predicting the future insurance loss exposure of an individual applicant or insured.

Acts 2003, No. 1256, §1; Redesignated from La. Rev. Stat. 22:1483 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.