MIB Group, Inc. or MIB is a membership corporation owned by approximately 430 member insurance companies in the United States and Canada. Formed in 1902 and based in Braintree, Massachusetts, MIB provides services designed to protect insurers, policyholders, and applicants from attempts to conceal or omit information material to underwriting life & health insurance.
Mission and business model
MIB's mission is to uncover errors, omissions, misrepresentations on insurance applications to reduce fraud and anti-selection or adverse selection so companies can offer and consumers can purchase affordable life insurance protection. MIB Group, Inc. is a member-owned corporation that has operated on a not-for-profit basis in the United States and Canada since 1902. MIB's Underwriting Services are used exclusively by MIB's member life and health insurance companies to assess an individual's risk and eligibility during the underwriting of life, health, disability income, critical illness, and long-term care insurance policies. These services "alert" underwriters to errors, omissions or misrepresentations made on insurance applications. The information must be verified by a reliable source prior to any underwriting action being taken. MIB's subsidiaries offer other business services to members and customers in addition to MIB's Underwriting Services. The applicant authorizes MIB member insurance companies to search MIB, and as a result, the insurer may report certain medical conditions that impact a person's health or longevity, impacting risk assessment by the company. MIB's data base does not contain actual medical records and information is gathered from an underwriting investigation that may include: information from the applicant's medical questionnaire, relevant information from the applicant's attending physician, notice of adverse lab test results, and DMV information. When MIB member insurance companies report to MIB and receive information from MIB, it is done in codes to protect the consumer's privacy. MIB reports are regulated by the Fair Credit Reporting Act and consumers can request disclosure of their MIB report, should they have one, for free once each year. Consumers can request an additional free copy only after they have had an adverse action taken against them by an insurance company after applying for an insurance policy. According to the Federal Trade Commission, MIB's member companies account for 99 percent of the individual life insurance policies and 80 percent of all health and disability policies issued in the United States and Canada. Under the FCRA, MIB is categorized as a "nationwide specialty consumer reporting agency" and must provide annual disclosure of an MIB report to all consumers who request their files. Pictured is a censored copy of a real letter from MIB Group in response to a such a free annual FCRA disclosure request.
History
Once known as the "Medical Information Bureau" MIB was organized in 1902 to provide fraud protection services to insurers. From 1902 through 1945, MIB was governed by a sub-committee of the Association of Life Insurance Medical Directors of America. In 1946, MIB was established as an unincorporated association under New York law and, in 1978, it became a Delaware membership corporation. On 16 June 2020, MIB reached an arrangement with Midwest Health Connection to make its electronic medical records accessible to MIB's 400 U.S. insurer members underwriting life insurance using the MIB EHR.
Executive Team
In May 2020, MIB Group, Inc. reported the appointment of two seasoned business veterans – Andrea Caruso and Trey Reynolds – to key management roles and the elevation of MIB veteran Brian Millman to lead the EHR Solutions team.
