NAII Voices Support of Proposed Nevada Privacy Rule Extension

A proposed regulation is on the table in Nevada that would extend the deadline for compliance with new federal privacy requirements to July 1, 2001. The National Association of Independent Insurers (NAII) is calling the proposal a fair move for insurers and consumers.

“Nevada would join other states including New York, Illinois, Vermont and Connecticut, which have wisely adopted similar rules that give insurers time to develop the policies and systems required by the Gramm-Leach-Bliley Act,” said Sam Sorich, vice president and western regional manager for NAII. “The regulation will also avoid the unfairness and confusion that would result from giving state-regulated institutions a different compliance date than federally regulated financial institutions.”

The new compliance date with Title V of the federal Gramm-Leach-Bliley Act would be consistent with the federal compliance deadline.