WSR 17-12-062
PREPROPOSAL STATEMENT OF INQUIRY
OFFICE OF
INSURANCE COMMISSIONER
[Insurance Commissioner Matter No. R 2017-01—Filed June 2, 2017, 2:52 p.m.]
Subject of Possible Rule Making: Creating a safe harbor for the use of the federal model privacy form.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060; Gramm-Leach-Bliley Act, Public Law 102-106, Sections 501(b), 505 (b)(2).
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The federal model privacy form is easier for consumers to understand than existing sample disclosures. Recent changes to NAIC model law on privacy notices encourages insurers to use the federal model privacy form by creating a safe harbor for its use. The rules will create a safe harbor of compliance for insurers who use the federal model privacy form.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Several federal agencies partnered to develop the federal model privacy form for financial institutions under the Gramm-Leach-Bliley Act. Given the increasing relationships between the banking, securities, and insurance industries, the single form was also adopted by NAIC as the model form for insurers. The federal regulators who cooperated to develop the form include the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Federal Trade Commission, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision, and Securities and Exchange Commission. The rule aligns with the requirements developed by these other agencies.
Process for Developing New Rule: Submit written comments by July 21, 2017, to Jim Freeburg, rulescoordinator@oic.wa.gov, fax (360) 586-3109.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Jim Freeburg, P.O. Box 40258, Olympia, WA 98504, (360) 725-7170, rulescoordinator@oic.wa.gov.
June 2, 2017
Mike Kreidler
Insurance Commissioner