Gramm Leach Bliley Act (Privacy)

The Gramm-Leach-Bliley Act is a federal law that deals with privacy. It controls how private information about individuals can be handled by insurance companies and other financial institutions. The law states:

  • an insurer must clearly state to a consumer that private information may be disclosed to third parties;
  • the consumer must be given the opportunity to prevent private information from being disclosed to third parties; and
  • the consumer must be given an annual privacy disclosure that informs the consumer about the consumer’s privacy rights under the law.