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.
JPMorgan Banker Sues Ex-Colleague Over ‘Fabricated’ Sex Claims 
OpenAI’s Altman Says AI Unlikely to Lead to ‘Jobs Apocalypse’ 
Progressive Is Biggest Auto Insurer, Surpassing State Farm, Says S&P GMI 
Florida Court Says 2020 Law Gives ‘Very Broad’ Liability Immunity to Rideshare Firms 
