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The Alphabet of Federal Legislation

The Alphabet of Federal Legislation. Kathleen Jensen Property and Casualty Insurers Association of America. 1916. 1929. 1945. 1999. 1979. 1996. 1970. 2001. Sept 11. National Bank Act. OFAC. FCRA. HIPAA. Stock Market Crash. Financial Modernization Act

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The Alphabet of Federal Legislation

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  1. The Alphabet of Federal Legislation Kathleen Jensen Property and Casualty Insurers Association of America

  2. 1916 1929 1945 1999 1979 1996 1970 2001 Sept 11 National Bank Act OFAC FCRA HIPAA Stock Market Crash Financial Modernization Act Gramm Leach Bliley McCarran Ferguson Act Timeline of Federal Insurance Regulation 2003 Fact Act US Patriot Act

  3. Insurance and Federal Regulations • Credit • FCRA • FACT Act • Privacy • GLBA • HIPAA • Terrorism • OFAC • USA PATRIOT Act

  4. FCRA Fair Credit Reporting Act • Allows a consumer reporting agency to furnish a consumer report if used in connection with the underwriting of insurance involving a consumer • Requires “adverse action” notices • Prohibits States from imposing requirements or prohibitions regarding the use of credit • Allows affiliate sharing

  5. FACT Act - Fair & Accurate Credit Transactions Act • ReauthorizedFCRA with changes • Proposed Rules • Affiliate Sharing • Prescreening • Congressional Mandated Study The effects of credit scores and credit based insurance scores on availability and affordability of financial products

  6. GLBA Gramm Leach Bliley Act Financial Institutions are prohibited from disclosing non-public personal financial information to a non-affiliated third party outside of an exception. • Requires Notice • Requires Opt-out • Requires Standards for Safeguarding

  7. Security Breach Legislation Data collectors required to notify individuals when there has been a breach of the security of a system that contains personal information. • What? • When? • 19 States

  8. HIPAA - Health Insurance Portability and Accountability Act Provides for the maintenance of privacy and confidentiality of individually identifiable health information • Applies only to Health Insurers • Requires authorization • Restricts disclosure • Requires health information security • Adopts code sets for standard transactions

  9. OFAC - Office of Foreign Asset Control Prohibits every commercial entity from transacting business with anyone identified on the Specially Designated Nationals (SDN) list • Verify every policyholder, claimant, agent, vendor, and employee against SDN list • Freeze policy/funds for individual

  10. USA PATRIOT Act - Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Requires financial institutions to assist the federal government in the prevention, detection, and prosecution of money laundering. • Applies only to Life Insurers • Maintain “payment information” • Report on Form 8300 cash receipts totaling more than $10,000 • File suspicious activity reports

  11. What’s to Come? Anything from A - Z!

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