NAIFA-WI teamed up with 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 groups expressed their concerns and in a letter to the Wisconsin Department of Agriculture, Trade, & Consumer Protection’s Committee on Data Privacy and Security Advisory Committee (DPSAC). The committee is considering data privacy recommendations that add to the significant measures NAIFA members already adhere to in their line of work.
The letter, also signed by the American Council of Life Insurers and local and state trades groups, warned that significant additional regulations risk making Wisconsin less attractive for investment and growth.
“Our concern is that at this point the committee may be heading toward recommendations that—while certainly well-intended—may negatively impact businesses and consumers,” stated the letter. “We ask that you consider delaying recommendations for highly regulated industries or deferring to industry-specific regulators where appropriate.”
The Wisconsin State Assembly recently passed a NAIFA-approved version of the NAIC’s new data security model law. The Senate nearly passed it as well, but its final session was canceled due to the coronavirus. NAIFA will continue to work with the Senate next year for passage and will continue to monitor DATCP’s separate data security proposal.