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House, Senate Committees Schedule Hearings on Privacy

On May 1, House Financial Services Committee Chairman Mike Oxley (R-Ohio) announced his committee will begin a series of hearings on whether to extend the...
May 5, 2003

On May 1, House Financial Services Committee Chairman Mike Oxley (R-Ohio) announced his committee will begin a series of hearings on whether to extend the existing federal preemption of state privacy laws. Oxley's hearing, scheduled May 8, is followed one week later by a similar hearing already announced by Senate Banking Committee Chairman Richard Selby (R-Alabama).

The twin hearings are the first in what is expected to be a series of sessions by both committees on whether to continue the current national standards in the Fair Credit Reporting Act (FCRA). The FCRA prohibits states until 2004 from imposing stricter privacy statutes to restrict the sharing of information among corporate affiliates.

What It Means to Agents:  PIA National believes that privacy concerns should be dealt with in an overall uniform framework that guides the regulatory actions of each of the financial services sectors rather than through an industry-by-industry approach. We are working with the NAIC and the rest of the industry to achieve a more common, consistent approach to insurance privacy practices.

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