NAIFA-WI joined other trade associations representing the insurance and financial services industry to push back on a potential regulatory proposal that would complicate existing data privacy and security laws.
The proposed Wisconsin Data Privacy Act (WDPA) was introduced last legislative session and NAIFA-WI does not feel it accounts for the existing regulations and regulatory authorities that currently oversee the industry. The groups wrote a letter to state Rep. Shannon Zimmerman stating that “for regulated industries, this would create an additional web of regulations, subjecting different types of data to different regulatory requirements with different state agencies.”
The letter requests that the WDPA be narrowed to exempt highly regulated industries like insurance and financial services that are already subject to extensive data regulation. The letter also outlines specific concerns and objections with the WDPA. The outline was written to underscore the challenge of enacting a single regulatory framework for all data “controllers” and “processors” in the state. The letter explains why industry-specific regulations will lead to a better result for consumers and businesses in Wisconsin.
In addition to NAIFA-WI, the letter was signed by the American Council of Life Insurers, American Property Casualty Insurance Association, Independent Insurance Agents of Wisconsin, National Association of Mutual Insurance Companies, Professional Insurance Agents of Wisconsin, Wisconsin Bankers Association, Wisconsin Council of Life Insurers, Wisconsin Credit Union League, and Wisconsin Insurance Alliance.