GLB imposes requirements on financial institutions, including insurance companies, regarding disclosure of a consumer s personal financial information.
Federal regulations are responsible for enacting privacy standards governing banks.
States are responsible for enacting standards governing the transaction of insurance. States must pass laws that are at least as stringent as the GLB requirements or the federal laws will supercede the states laws. Unlike many states, Arizona already has laws governing the privacy of consumers financial and medical information collected in the context of an insurance transaction. S.B. 1288 strengthens Arizona s current laws bringing them into compliance with GLB and conforming other statutes to the new federal laws guarding personal information distribution. According to DOI, there is no fiscal impact associated with this bill.