Agents Back House Bill on ‘Financial Data Protection Act’

The Independent Insurance Agents & Brokers of America (the Big “I”) said it will support a bill marked up late Thursday in the House Financial Services Committee that would establish national standards on data security.

The bipartisan bill, H.R. 3997, the Financial Data Protection Act, would require that state regulators enforce uniform, federal standards, as related to the insurance marketplace. It was introduced last October by Rep. Steven LaTourette (R-Ohio). It would help to safeguard sensitive consumer information, combat “identity theft” and establish a national standard to notify customers of improper access to personal data.

“We appreciate the House Financial Services Committee moving forward on this crucial issue for consumers,” says Charles E. Symington Jr., Big “I” senior vice president for government affairs and federal relations. “We strongly believe that this is the proper approach – using federal standards to establish uniformity in combating a very serious problem, but also relying on the expertise and strengths of state insurance regulators to enforce those standards.”

Source: IIABA