A State Statute, Regulation, Order, or Interpretation is not inconsistent with the provisions of the GLBA if the protection offered by the Statute, Regulation, Order or Interpretation is greater than that offered under the GLBA. The States are required to implement and enforce the GLBA Privacy Requirements for Insurance Agents, Brokers, and Carriers.
In 2016, The Big I General Counsel did an in-depth review of the GLB Act and provided significant insights on the data security, carrier contracts and overall information security implications of this mandatory Federal Act.
GLBA is the threshold for financial institutions and insurance companies and agencies. State Laws are mandated to comply with GLBA and if the state wishes to make changes, they must exceed what is required under GLBA.
These acts and regulations can be difficult to address given the multifaceted responsibilities agents encounter daily, but it is mandatory and must be a priority.
Please review the privacy provisions as detailed in The Gramm-Leach-Bliley ACT to gain insights on their impact to you as an independent agent -
Particularly the data security requirements and contract implications detailed in Section VI on pages 5 & 6.
