Industry in conflict with regulators over privacy

Last week’s testimonies by insurers’ organisations before the US House of Representatives Commerce Subcommittee on Finance and Hazardous Materials, emphasised the extent to which the regulation of the US insurance industry will be transformed in the wake of the Gramm-Leach-Bliley Act (GLBA). The act abolished the legal separation between the banking, securities and insurance industries. The subcommittee is responsible for the proper implementation of the measures in GLBA.