NU Online News Service, Jan. 18, 5:53 p.m. – At least two property-casualty insurance trade groups may support a suit that the American Council of Life Insurers, Washington, is preparing to file over a Vermont privacy regulation.
A spokeswoman for the National Association of Mutual Insurance Companies, Indianapolis, says her group will join the suit.
The National Association of Independent Insurers, Des Plaines, Ill., needs final assurance that members approve of the suit, but it is 95% certain it will join, according to Kathleen Jensen, insurance services counsel.
ACLI has announced plans to file its suit in the next few weeks, to oppose an “opt-in” privacy requirement in a regulation that Vermont insurance regulators adopted to comply with the Gramm-Leach-Bliley Financial Services Modernization Act of 1999.
To comply with the opt-in requirement, insurers must persuade customers to “opt in to,” or actively approve, any arrangements to share information about their credit worthiness and personal characteristics with non-affiliates.