FINANCIAL PRIVACY: Status of State Actions on Gramm-Leach-Bliley Act's Privacy Provisions

Abstract

This report responds to the request for 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 institution's policies and practices for disclosing and protecting the privacy of nonpublic personal information. Subtitle A calls upon federal regulators to (1) issue regulations implementing these disclosure-related requirements and (2) establish standards for safeguarding the privacy and 15 U.S.C. 6801(a). Subtitle A defines nonpublic personal information as personally identifiable financial information that an institution obtains under any of the following three sets of circumstances: (1) the consumer provides the information to the institution to obtain a financial product or service; (2) the information is about the consumer and results from any transaction involving a financial product or service between the institution and the consumer; or (3) the information is about the consumer and is otherwise obtained in connection with providing a financial product or service to that consumer.

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Document Details

Document Type
Technical Report
Publication Date
Apr 01, 2002
Accession Number
ADA401732

Entities

People

  • Richard J. Hillman

Organizations

  • United States Government Accountability Office

Tags

Communities of Interest

  • Biomedical
  • Cyber

DTIC Thesaurus Topics

  • Accounting
  • California
  • Commerce
  • Congress
  • District Of Columbia
  • Electronic Mail
  • Governments
  • Health Care
  • House Of Representatives
  • Information Security
  • Law
  • Marketing
  • Money
  • New York
  • Security
  • United States
  • Websites

Fields of Study

  • Business

Readers

  • Government and Public Administration Law.