GLB Privacy Provisions Still Cause Confusion 
Is it any wonder that consumers are confused and overwhelmed by their privacy options? The whole initiative has become a patchwork quilt with different requirements for different financial institutions. The issue is different state requirements that treat certain types of insurance differently.
Property-casualty insurers that write business in more than a few states have had to deal with a multitude of privacy compliance issues since President Clinton signed the Gramm-Leach-Bliley Act into law in July 1999.
The Act served many purposes. One purpose was to codify privacy regulations for all financial institutions. In addition, because it applies to all financial institutions, GLB attempted to create the “fully integrated” financial institution, allowing all of the various “financial” entities to co-exist with the same restrictions and benefits of sharing and receiving non-public personal financial information.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
