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.