GLB Privacy Provisions Still Cause ConfusionIs it any wonder that consumers are confusedand overwhelmed by their privacy options? The whole initiative hasbecome a patchwork quilt with different requirements for differentfinancial institutions. The issue is different state requirementsthat treat certain types of insurance differently.

Property-casualty insurers that write business in more than afew states have had to deal with a multitude of privacy complianceissues since President Clinton signed the Gramm-Leach-Bliley Actinto law in July 1999.

The Act served many purposes. One purpose was to codify privacyregulations for all financial institutions. In addition, because itapplies to all financial institutions, GLB attempted to create the“fully integrated” financial institution, allowing all of thevarious “financial” entities to co-exist with the same restrictionsand benefits of sharing and receiving non-public personal financialinformation.

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