As discussed in our January edition of the Compliance Connection “One of Your Business’s Most Important Properties is Your Client Files”, keeping detailed client files is critical. It’s your responsibility to ensure that your client’s personal and confidential information is protected. Not doing so may open you up to the risk of lawsuits, a negative reputation and lost customers.
- Social Security number
- Date of birth
- Financial records
- Medical history
For more information on the proper handling of confidential information, check out the National Association of Insurance Commissioners (NAIC) Insurance Information and Privacy Protection Model Act. You should also check regulations for all states in which you are licensed for their specific requirements regarding the privacy of client information.
If you have questions regarding this or other compliance-related issues, send them to the Brokers International compliance team at ComplianceConnection@biltd.com. As your partner, we’ll assist you in keeping your advertising on the right side of the regulators.
This information is intended for Financial Professionals who are insurance licensed only. If you are securities licensed please contact your Broker Dealer for their requirements.
These educational pieces are intended to be informative and provide generalized guidance. They should not be construed as legal advice or provide protection against compliance violations brought on by a consumer or state insurance commission. It is the sole responsibility of the financial professional to seek compliance or legal direction specific to their individual situation. These pieces should be used as a means to raise awareness and evaluate business practices.
For Financial Professional use only, not for use with the general public. #18-0291-031219