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Code of Colorado Regulations eDocket
Details of Tracking Number
2017-00488
CCR details
| Tracking Number |
2017-00488 |
| Type of Filing |
Permanent Rule |
| Department |
700 Department of Regulatory Agencies |
| Agency |
702 Division of Insurance |
| CCR Number |
3 CCR 702-6 |
| CCR Title |
CONSUMER PROTECTION (GENERAL) |
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Proposed rule
| Notice Filed with SOS |
10/02/2017 |
| Rule |
ProposedRuleAttach2017-00488.doc |
| Statutory Authority |
§§ 10-1-109(1),and 10-16-109, C.R.S. |
| Description of Subjects/Issues |
A.This regulation establishes standards for developing and implementing administrative, technical and physical safeguards to protect the security, confidentiality and integrity of customer information, pursuant to Sections 501, 505(b), and 507 of the Gramm-Leach-Bliley Act, codified at 15 U.S.C. 6801, 6805(b) and 6807.
B.Section 501(a) provides that it is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers’ nonpublic personal information. Section 501(b) requires the state insurance regulatory authorities to establish appropriate standards relating to administrative, technical and physical safeguards:
1. To ensure the security and confidentiality of customer records and information;
2. To protect against any anticipated threats or hazards to the security or integrity of such records; and
3. To protect against unauthorized access to or use of records or information that could result in substantial harm or inconvenience to a customer. |
| Purpose/Objective of Rule |
A.This regulation establishes standards for developing and implementing administrative, technical and physical safeguards to protect the security, confidentiality and integrity of customer information, pursuant to Sections 501, 505(b), and 507 of the Gramm-Leach-Bliley Act, codified at 15 U.S.C. 6801, 6805(b) and 6807.
B.Section 501(a) provides that it is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers’ nonpublic personal information. Section 501(b) requires the state insurance regulatory authorities to establish appropriate standards relating to administrative, technical and physical safeguards:
1.To ensure the security and confidentiality of customer records and information;
2.To protect against any anticipated threats or hazards to the security or integrity of such records; and
3.To protect against unauthorized access to or use of records or information that could result in substantial harm or inconvenience to a customer.
C.Section 505(b)(2) calls on state insurance regulatory authorities to implement the standards prescribed under Section 501(b) by regulation with respect to persons engaged in providing insurance.
D.Section 507 provides, among other things, that a state regulation may afford persons greater privacy protections than those provided by subtitle A of Title V of the Gramm-Leach-Bliley Act. This regulation requires that the safeguards established pursuant to this regulation shall apply to nonpublic personal information, including nonpublic personal financial information and nonpublic personal health information. |
| Comments |
Peter Frigo/Karl Kaesemeyer |
| Submitted in response to issues raised by COLS/OLLS? |
No
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| Is this rule adopted in response to recent legislation? |
No
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| Hearing Date |
11/14/2017 |
| Hearing Time |
10:00 AM |
| Hearing Location |
1560 Broadway, Ste 1250 C, Denver CO 8202 |
| Contact Name |
Christine Gonzales-Ferrer |
| Contact Title |
Rulemaking Coordinator |
| Contact Telephone |
3038942157 |
| Contact email |
christine.gonzales-ferrer@state.co.us |
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Adopted rule
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