The American Insurance Association has issued a bulletin which indicates that New Hampshire’s adoption of Rule INS 3701.01, implementing regulations for safeguarding customer under Gramm-Leach-Bliley Act, is consistent with the act’s requirements, and “most other state regulation.”
Paul Moran, AIA vice president, northeast region commented, “AIA worked with the Department for the adoption of a rule that is consistent with GLBA. Earlier drafts of the rule implied a limited private right of action under the state’s Unfair Insurance Trade Practices Act. AIA successfully argued that a private right of action could lead to expensive and unnecessary litigation, driving up costs for everyone.
“This regulation will provide secure safeguards for customers’ private information and at the same time allow insurers to work on a level playing field with other financial services companies that fall under federal regulation,” he added.
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