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August 26, 2001 at 08:00 PM
Regulators Begin Work To Safeguard Consumer Information
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Efforts to safeguard information that insurers gather on their customers are taking shape.
State regulators are developing a model regulation that will create guidelines to develop information security programs. A working group of the National Association of Insurance Commissioners has released the NAIC model regulation establishing standards for safeguarding customer information.
Safeguarding consumer information is part of the bigger issue of privacy that state regulators have been grappling with for the last two years since passage of the Gramm-Leach-Bliley Act of 1999 that mandates the establishment of privacy guidelines.
The draft as it now stands requires that insurers implement a “comprehensive written information security program that includes administrative, technical and physical safeguards for the protection of consumer information.”
