National Association of Professional Insurance Agents (PIA) Statement on Passage of Data Notification Legislation in House Financial Services Committee
PIA strongly supports the bill's goal of protecting consumers from data breaches and is appreciative of the work the bill's sponsor, Rep.
PIA has two main concerns with the bill: First, it undermines our system of state-based insurance regulation. Second, it would require state regulators to establish data security safeguards for customer information based on guidelines written for banks and drafted by bank regulators.
"Many states are already advancing legislation on this issue and should be allowed to do so without federal interference," said
Gentile added that provisions of the bill would also place needlessly burdensome requirements on independent insurance agencies, many of which are small businesses. "This issue is best addressed by state legislatures and state insurance commissioners," he said. "State regulators will always have a more thorough understanding of local insurance issues than the federal government."
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America SM. PIA's web address is www.pianet.com
This statement is online at:
https://pianet.com/news/press-releases/2018/pia-statement-on-passage-of-data-notification-legislation-in-house-financial-services-committee
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