Insurance cos (proposed buy outs, etc. discussion) Message Board

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Non-Tech : Insurance cos (proposed buy outs, etc. discussion)

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To: Carey Thompson who wrote (35)	12/13/1999 8:53:00 PM
From: Doug (Htfd,CT)	of 55

quote: Passage of the Financial Modernization Act of 1999 raises new business and legal issues relevant to electronic insurance commerce. A working summary of the new federal law, by Gibson, Dunn & Crutcher, is at www.gibsondunninstitute.com/docs/FinInst/gdi_glb.htm The new law preserves the protections found in Barnett and extends similar protection from state laws barring insurance sales by state banks and by national banks of all sizes. The new act establishes a "safe harbor" for state regulation of insurance sales practices in 13 relatively narrow areas including disclosures involving FDIC-insured status, the preservation of private customer information from disclosure to unaffiliated parties and the "tying" of credit products to insurance. It also requires financial institutions (which include insurance companies under the Act's definitions) to establish privacy policies and disclose to all their customers annually how they may share nonpublic personal financial information with affiliates and third parties. It also requires financial institutions to allow customers to "opt out" of permitting the financial institution to share such information. The ease with which the operator of an Internet site can collect information about visitors, sometimes without their knowledge, makes the privacy provisions particularly pertinent to companies engaged in Internet marketing or sales of insurance or other financial services. The law also opens the gates to insurance sales by additional categories of non-bank financial institutions that have a head start in delivering online services, including leading online brokerages such as Charles Schwab and E-Trade. E-Trade is a major investor in eCoverage, Inc., which is already selling California auto insurance online at ecoverage.com ." endquote Excerpt from a longer legal reference outline on "Regulation of Electronic Insurance Commerce" found online at http://www.port4.com/feature-e-insurance.html Doug

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