While providing the greatest expansion of financial privacy protections to consumers in history, it also promises enormous consumer benefits. We should not be tampering with this law before we can see how it performs in the marketplace. While consumers have a strong desire to protect their privacy, they have an equally strong demand for the kind of convenience, speedy service and new and affordable financial and insurance products that are only made possible by the efficiencies of responsible information-sharing. The challenge is to reconcile these legitimate demands. But like most consumers, the ACLI believes medical information should be subject to far greater restrictions than financial information.
Life insurers have a long history of dealing with highly sensitive personal information.
We have always protected consumers' medical information, and we will not depart from that tradition, We recognize consumers have special concerns regarding medical information, which is why the life insurance industry has adopted a broad and definitive statement of principles regarding the confidentiality of policyholders' medical records. ACLI Statements of Principles Life insurers have a long history of dealing with highly sensitive personal information. Our industry is proud of its record of protecting the confidentiality of that information. Life insurers also recognize that consumers have special concerns regarding medical information. Medical Information Confidentiality A requirement that medical information not be collected without an individual's authorization in connection with an application for life, long-term care and disability income insurance.