According to the Fair Credit Reporting Act, which regulation must an insurance applicant be informed of?

Under the Fair Credit Reporting Act (FCRA), insurers and other entities that use consumer reports for underwriting purposes are required to inform applicants that their credit information will be accessed as part of the application process. This regulation is designed to promote transparency and ensure that consumers are aware of how their credit information will be used. The applicant must receive a notice that outlines their rights under the FCRA, enabling them to understand that they have the right to dispute inaccurate information and be informed about any decisions that affect their insurance eligibility based on their credit report.

While the other options listed pertain to important aspects of the insurance industry or consumer rights, they do not relate to the specific requirement of informing applicants about their rights regarding credit reports as mandated by the FCRA. This makes the Fair Credit Reporting Act the correct choice in the context of the question.