(a) An insurer shall not use credit information to take an adverse action against a consumer unless, the insurer obtains and uses a credit report issued, or an insurance score calculated, no more than 90 days prior to the date the policy is first written.

1. (1) An insurer shall not use credit information unless, at least once every 36 months, upon the request of the consumer or the producer, the insurer shall re-underwrite and re-rate the policy based upon a current credit report or insurance score and shall make any necessary adjustments, including moving the insured to the appropriate tier, effective as of the date of the report or score. The re-underwriting and re-rating shall not result in a premium increase for the insured.
2. (2) If upon consideration of the current credit information, the insured is eligible for placement in an affiliate of the insurer at a lower rate in accordance with the affiliate's current underwriting rules and the insured was previously ineligible for placement with that affiliate due to the prior credit information, then the affiliate shall offer the insured a new policy with substantially equivalent coverage. If the offer is accepted by the insured and a new policy is issued, the affiliate may not exercise any right that it otherwise may have under section 3425(b) to cancel the policy within the first 60 days other than for a reason specified in section 3425(c).

(b)

(c) Notwithstanding paragraph (b)(1) of this section, an insurer may decline the request to obtain current credit information for an insured because:

1. (1) the insurer had obtained a current credit report within the last 36-month period;
2. (2) the insured is in the most favorably-priced tier of the insurer or the most favorably priced company within a group of affiliated insurers; or
3. (3) credit was not used for underwriting or rating the insured when the policy was initially written.