Financial Privacy: Status of State Actions on Gramm-Leach-Bliley Act's Privacy Provisions.

摘要

This report presents information on what states have done to implement the information privacy provisions of the Gramm- Leach-Bliley Act (GLBA) of 1999 as they pertain to insurance providers. In Subtitle A of Title V of GLBA, Congress established the policy that each financial institution, which is defined to include most insurance providers or companies, has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. The subtitle applies this policy by generally prohibiting financial institutions from disclosing consumers' nonpublic personal information to any entity that is not an affiliate of or related by common ownership or control to the institution (nonaffiliated third party), unless the consumer is given an opportunity to opt out of such disclosure. Also, financial institutions must provide consumers with privacy notices that, among other things, explain an institutions' policies and practices for disclosing and protecting the privacy of nonpublic personal information.