To: All Licensed Insurers, Health Maintenance Organizations Transacting
Insurance in Maryland and Other Interested Parties
Re: Enforcement of Gramm-Leach-Bliley Privacy Regulations
Bulletin: 00-22
Title
V of the Gramm-Leach Bliley Act of 1999 (GLBA) sets forth specific requirements
for financial institutions, including insurers, regarding protection of their
customers’ privacy. To implement
these requirements, GLBA directs federal and state regulators to establish
appropriate standards covering administrative, technical, and physical
safeguards that financial institutions holding a customer’s nonpublic personal
information must follow. Federal
regulators have issued rules and regulations to enforce the privacy provisions
of GLBA upon financial institutions other than insurers.
Under these rules and regulations, federal regulators extended the
compliance date to July 1, 2001.
During
the 2001 Legislative Session, the Maryland Insurance Administration will seek
legislative authority to adopt regulations to implement the requirements of GLBA
with respect to insurers subject to the Administration’s jurisdiction.
If such legislative authority is enacted, the anticipated effective date
for compliance with these regulations will be no sooner than July 1, 2001 in
order to be consistent with the effective date of federal privacy regulations. The Administration does not otherwise intend to enforce the
GLBA privacy requirements before the required federal compliance date of July 1,
2001.
If
you have questions regarding the information provided in this bulletin, please
contact Geoff Cabin at:
Maryland
Insurance Administration
525 St. Paul
Place
Baltimore,
MD 21202
(410)
468-2011 (phone)
(410)
468-2020 (fax)
gcabin@mia.state.md.us (e-mail)
______________________________
Steven B. Larsen
Maryland Insurance Commissioner