Louisiana Department of Insurance Emergency Rule 31 Provides Annual Privacy Policy Notice Exemption
Nov 1, 2016
Issued October 27, 2016 by the Louisiana Department of Insurance (“LDI”), Emergency Rule 31 exempts insurance licensees from having to provide annual privacy notices to consumers if they have initially provided a privacy notice and if their practices and policies with regards to release of nonpublic personal information have not changed.
According to a summary issued by the LDI, Emergency Rule 31 amends Louisiana Regulation 76 to bring it into compliance with the Fixing America’s Surface Transportation (“FAST”) Act, which was passed by the United States Congress and signed into law (Public Law 114-94; December 4, 2015).
The FAST Act amended the Gramm-Leach-Bliley Act to provide an exemption from its annual privacy notice requirements.
Inasmuch as Regulation 76 mirrors the duties and responsibilities of those in the business of insurance with regards to the privacy of insurance consumer’s information, any amendments to Gramm-Leach-Bliley that were passed into law also affect the privacy notice requirements in Regulation 76. The FAST Act amendment serves the purpose, in both federal law and the amendment to Regulation 76, to relieve those in the business of insurance to whom it applies from duplicative privacy notice requirements, while at the same time continuing to preserve the privacy rights of insurance consumers, the LDI explained.
Unless extended, Emergency Rule 31 will remain in effect for 120 days or until adoption of the final Regulation 76 through normal rulemaking process, whichever occurs first, the LDI specified.
To access the complete text of the LDI’s Emergency Rule 31, click here.
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