According to the National Association of Independent Insurers (NAII), the Pennsylvania Insurance Department’s revised draft regulation on consumer privacy remedies an “opt-out” provision that may have created problems for insurers and consumers, but the proposal still impacts workers’ compensation, which insurers oppose.
NAII Associate Counsel Joseph Termini noted that the association is pleased that a provision which would have required insurers to send notices to their customers whenever they plan to transfer their personal financial information to an affiliated company was removed.
However, Termini asserted that the regulation still goes beyond the requirements of the federal Gramm-Leach-Bliley (GLB) Act by including workers’ compensation.
The final draft of the regulation now will go to the independent Regulatory Review Commission for its consideration.
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