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11/20/2000



NCOIL Adopts Financial Privacy Model Regulation;
NAII's Bob Zeman Elected President of NCOIL's Industry Education Council

NEW ORLEANS — The National Conference of Insurance Legislators' (NCOIL) Executive Committee unanimously adopted its Financial Information Privacy Protection Model Act in New Orleans on Friday evening, November 17. NCOIL adopted the model law to add guidance to the states on the Gramm-Leach-Bliley Act's financial and health information privacy mandates. State legislatures will now have the NCOIL model law to consider when addressing privacy legislation in the upcoming 2001 legislative sessions.

The National Association of Independent Insurers (NAII) supports the NCOIL privacy model because it closely adheres to the requirements of the federal Financial Services Modernization Act.

"NCOIL chose to adopt a model in contrast to the NAIC model regulation. In adopting its model, NCOIL kept its original commitment to follow the requirements of GLB's Title V," said Robert Zeman, NAII vice president.

To date only New York has taken action with a privacy regulation. States are expected to address this issue in the 2001 legislative sessions.

Zeman added that the Privacy Task Force plans to reconvene in a few weeks to address a few final, non-substantive language changes.

In other action during the meeting, Zeman was elected president of NCOIL's Industry Education Council for a term of one year.

"I am honored to serve as chairman of the Industry Education Council, a group that through their dedication has accomplished many worthy insurance education goals over the years," Zeman said. "I am looking forward to a productive year as president."

The NAII, located in suburban Chicago, is the leading national insurance trade association with more than 675 members. Its members write 33 percent of the property-casualty insurance in the United States.