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March 14, 2006 at 09:59 PM
The House Financial Services Committee plans to act Wednesday on a bill that could establish a national data security standard.
The Senate Banking Committee and several other committees are working on their own data security bills.
The House bill, H.B. 3997, was introduced in October 2005. It would bar states from imposing their own security standards, but it would require state insurance regulators to enforce insurance company compliance with the standards.
Supporters of continued state regulation of insurers fought for a state role in enforcement.
Some players in the insurance industry would have preferred to have the Treasury Department or the Federal Trade Commission oversee insurance industry compliance.
H.B. 3997 would set standards for protecting sensitive consumer information, preventing and responding to identity theft, and notifying consumers of data breaches.
