Don't Tinker With Privacy Laws, InsurerGroups Say
Following last year's major push to meet federal statutory deadlines, only a handful of states are significantly active this year in ensuring that the insurance industry maintains the privacy of consumer financial information. But as the states tinker with privacy regulations and legislation, they often entangle themselves in more problems, industry observers say.
When New Mexico Insurance Superintendent Eric P. Serna's department promulgated a regulation that deviated from his states privacy statute–which was essentially an adaptation of the 2000 National Association of Insurance Commissioners model privacy law–it created technical problems, according to Kathleen N. Jensen, insurance services counsel for the National Association of Independent Insurers in Des Plaines, Ill.
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