Advocacy in action blog

The GUARD Financial Data Act, introduced by Rep. Bill Huizenga, Vice Chair of the House Committee on Financial Services, would create a modern data privacy framework for financial services companies to protect consumers’ personal information. NAIFA has joined the American Council of Life Insurers, American Property Casualty Insurance Association, Council of Insurance Agents and Brokers, Independent Insurance Agents and Brokers of America, and National Association of Mutual Insurance Companies to send a letter to Rep. Huizenga in support of the legislation.

Consumers trust the insurance and financial services industry to safeguard a variety of sensitive personal financial information, and the industry has responded by appropriately managing this data for decades. However, federal laws have not kept up with the evolution of data collection and usage. In many cases, states have stepped in to create a confusing patchwork of laws and regulations. 

The GUARD Act in harmony with the SECURE Data Privacy Act would “replace this patchwork with consistent, nationwide rules that provide equal protections for the confidentiality and security of consumers’ personal information,” NAIFA and our coalition partners write. The legislation would also ensure that companies and firms do not face undue barriers that would hinder their ability to serve clients. By not including a private right of action, the legislation will discourage bad-faith lawsuits and offer a consistent consumer understanding and application of privacy rights. 

NAIFA joined in a letter of support to the House Financial Services Committee for efforts in introducing the Data Privacy Act of 2023. The Data Privacy Act would modernize the Gramm-Leach-Bliley Act (GLBA), a working data privacy framework for insurance consistent with consumer expectations.

NAIFA has joined more than 100 organizations expressing privacy and cost concerns with a Biden administration proposal that would require financial services providers to track and submit to the IRS information on every account with deposits or withdrawals totaling $600 or more annually.

New data security standards for the insurance industry passed the Wisconsin State Senate on June 9, 2021, on a voice vote. 

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.