Insurers are trying privacy guidelines
While the new Federal Constitution for the establishment of the Financial Services Modernization Act surveillance deals specifically with consumer privacy, financial information, a provision allowing states to set up additional requirements concerns for the insurance industry.In the worst cases, businesses are facing a regulatory nightmare of 51 different types of conflict of laws on privacy.
“It’s a concern. It is one of the main priorities of our membership, “said Robert Zeman, Vice-President, Legislative Affairs in the National Association. Independent Insurers, Des Plaines, Ill.
“If the flow of information is too limited, it could focus on some industrial activities, such as the fight against fraud,” said Zeman. “States should be careful not too quickly and the device measures, address the subject.”
At least one association is also lending its voice to the subject.
“We’re very question of privacy, both at the federal and state,” said Robert A. Rusbuldt, Executive Vice President of the Independent Insurance Agents of America Inc., headquartered in Alexandria, Va.
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