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October 14, 2001 at 08:00 PM
Vermont Postpones Decision On Privacy Guidelines
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A proposed rule in Vermont to establish financial privacy guidelines under the Gramm-Leach-Bliley Act of 1999 has been postponed until the end of the month, according to Jackie Hughes, general counsel with the Vermont department of banking, insurance, securities and health care administration.
The Vermont legislative committee on administrative rules wanted to receive a legal opinion from the Vermont Attorney General’s office on the authority of the Vermont department to put the rule in place, Hughes says.
The rule for insurance companies has been opposed by insurers who maintain it exceeds the department’s authority as well as the dictates of GLB.
Affiliates would be required to operate according to the federal Fair Credit Reporting Act, which says affiliates can share some data such as name and contact information. However, for information such as creditworthiness and personal characteristics, an opt-in would be required. Other states have an opt-out provision.
