What does Gramm Leach Bliley Act of 1999 mean? Read on to discover the definition & meaning of the term Gramm Leach Bliley Act of 1999 - to help you better understand the language used in insurance policies.
Gramm Leach Bliley Act of 1999
The Act eliminates many Depression-era restrictions on banks, securities firms, insurance companies, and other financial service providers that had previously barred companies in different financial sectors from engaging in each other's businesses. It also addresses other issues such as information privacy and redomestication of mutual insurers. Generally, it bars a financial institution from disclosing a consumer's nonpublic personal information to an unaffiliated third party unless it provides notice to the consumer and allows the consumer an opportunity to opt out. It requires financial institutions to provide customers with a privacy notice at the start of the customer relationship and once annually thereafter. Also, GLB requires each federal regulatory agency to establish standards by which the financial institutions under its jurisdiction implement "administrative, technical, and physical safeguards."
We hope the you have a better understanding of the meaning of Gramm Leach Bliley Act of 1999.