PIANJ Defends Terminated Agent

August 17, 2001

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.

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