6/D.2 - AR Consumer Privacy Protection

Question 1

FCRA

Answer 1

The Fair Credit Reporting Act (FCRA)

• Regulates how companies collect and use consumers’ personal and financial information
• Applies to credit agencies; financial institutions; insurance companies

Question 2

IIPPA

Answer 2

The Insurance Information & Privacy Protection Act (IIPPA)

• Addresses how insurance companies collect, use, and share personal information about their policyholders
• Insurers must give policyholders a statement about how the company will treat personal information
• Insurers must tell consumers why insurance or insurance claims are declined

Question 3

HIPAA

Answer 3

The Health Insurance Portability and Accountability Act (HIPAA)

• Affects the portability of health insurance
• Employees who change jobs cannot be denied health insurance because of a pre-existing condition
• Works with IIPPA to safeguard patient privacy
• Establishes rules about treatment of patients’ personal information
• Regulates electronic storage, maintenance, and transfer of information