Insurers Bridling Over D.C. Privacy Exam Project
Insurers are bridling at a data-gathering project on privacy policies that is being spearheaded by the insurance division of the District of Columbias department of insurance and securities regulation.
One hundred insurance groups will be part of the market conduct examination effort being handled by PriceWaterhouseCoopers for the D.C. department, Dana Sheppard, a spokesman confirms.
The exams will be done in four stages of 25 companies apiece. The companies selected for the initial round include 10 life companies, 10 property-casualty companies and five health companies.
The first round went out on Aug. 4, to large insurance groups including American International Group, MetLife Inc., and Prudential Financial, according to Sheppard.
Questions posed include how information is used and how it is shared with affiliates, compliance systems in place, and how companies are complying with opt-in and opt-out requirements, he continues.
Companies have 60 days to respond to the questions, he adds. The second round will go out just after Labor Day and the last group sometime in late October or November, Sheppard says.
If substantial problems are found, more work will be done, he continues.