Dive into the approach and adverse effects of the regulation of 3rd parties and advance consent by the proposed NAIC Consumer Privacy Protection Model Law #674. The regulation of 3rd parties through their contracts with insurers will be explained. Specifics will be provided on the negative effect on companies contracting with 3rd parties. The requirement for advance consent for use of personal data for actuarial and marketing studies will be explained, and two potential solutions will be presented.
By the end of the session, attendees will understand:
- Be able to explain concerns about contracting with 3rd parties for external data under the Model Law
- Potential solutions to using personal data for actuarial and marketing studies