UNIFORM REGULATIONS SOUGHT

The Texas Senate Economic Development Committee has approved a staff recommendation for the uniform adoption of state regulations set forth in the Gramm-Leach-Bliley Act governing the modernization of financial services regulation in the United States.

The staff’s recommendations will be included in the interim committee’s final report to the 2001 Texas Legislature. The committee believes uniformity with the federal law will benefit both consumers and the financial services industry.

Under the GLBA, the Texas Department of Insurance, like all other state insurance departments, will retain its regulatory authority and is charged by the federal law to propose and enforce the privacy provisions set forth in the law.