Pennsylvania Insurance Commissioner M. Diane Koken announced the Insurance Department has finalized regulations protecting the financial privacy of Pennsylvania insurance consumers. With this new regulation, insurance companies and other financial institutions are required to send annual notices informing their customers of privacy policies and practices.
Koken stated that the regulation requires that all insurance companies sharing personal financial information must provide customers an opportunity to say “no” before giving that information to non-affiliated third parties.
Mailboxes now may be jammed with these new bits of mail, but the notices should be clearly marked and written in a reasonably understandable format.
Companies also may offer this information at the same time they send out renewal notices.
Topics Agencies Legislation
Was this article valuable?
Here are more articles you may enjoy.
Tech and Finance Sectors Losing 28,000 Jobs Monthly Show AI Impact on Labor 
Travelers Builds Insurance-Specific LLM 
Premiums Will Skyrocket by 2035; Discounts Not Enough for Wind Mit, Studies Say 
Farmers to Pay $2.8M to Settle TPCA Class Action Lawsuit 
