Privacy Working Group Adopts Resolution Providing for Uniform Compliance

The National Association of Insurance Commissioners Privacy Working Group has passed a resolution providing for uniform compliance of privacy regulations by July 1, 2001, during deliberations at the NAIC’s Summer National Meeting. This resolution aligns state insurance regulatory requirements with federal requirements for the banking and securities industries.

“Consumers and companies will be better served by a uniform compliance date for enforcement of the Gramm-Leach-Bliley Act’s privacy regulations,” said Kathleen Sebelius, chair of the Privacy Working Group, NAIC vice president and Kansas insurance commissioner.

The Privacy Working Group was created by NAIC President George Nichols in December last year in response to the enactment of financial services reform to give high priority for protecting the privacy of consumers in their dealings with insurers under the new law.