PIANJ Comments on Reproposed Customer Information Rule

The Professional Insurance Agents of New Jersey has commented on the reproposed new rules by the state’s Department of Banking and Insurance (DOBI), establishing standards for safeguarding customer information.

PIANJ said it “applauds the department for reproposing these important rules and taking into consideration PIANJ’s and others’ suggestions for making the rule more workable for the insurance industry, while at the same time adequately protecting the privacy and the confidentiality of customers’ nonpublic information.”

It specifically commended the DOBI for “conforming the reproposal to the National Association of Insurance Commissioner’s (NAIC) model that has been adopted by many other states.” The DOBI had originally proposed several “mandates” for complying with the rules, but “upon PIANJ’s and others’ suggestions has changed These ‘mandates’ to ‘examples’ of procedures licensees may follow to comply,” said the bulletin.”This change will provide both uniformity with the NAIC model, as well as flexibility for insurance licensees to tailor an appropriate security program.”