Consumer Information Notification Requirement Act

“(c) Standards with respect to breach notification—Subject to section 504(a)(2) and sections 505(b) and 505(c), within 6 months after the date of enactment of this subsection, each agency or authority required to establish standards described under subsection (b)(3) with respect to the provision of a breach notice shall ensure that such standards are in compliance with subsection (b).

“(d) Insurance

“(1) Enforcement—Notwithstanding section 505(a)(6), with respect to an entity engaged in providing insurance, the standards under subsection (b) shall be enforced—

“(A) with respect to any such standards related to data security safeguards, by—

“(i) the State insurance authority of the State in which the entity is domiciled; or

“(ii) in the case of an insurance agency or brokerage, the State insurance authority of the State in which such agency or brokerage has its principal place of business; and

“(B) with respect to any such standards related to notification of the breach of data security, by the State insurance authority of any State in which customers of the entity are affected by such a breach of data security.

“(2) Notification by assuming insurer

“(A) In general—Notwithstanding subsection (b), an assuming insurer that experiences a breach of data security shall only be required to notify the State insurance authority of the State in which the assuming insurer is domiciled.

“(B) Assuming insurer defined—For purposes of this paragraph, the term “assuming insurer” means an entity engaged in providing insurance that acquires an insurance obligation or risk from another entity engaged in providing insurance pursuant to a reinsurance agreement.

“(3) Safeguards for insurance customers—In carrying out subsection (b) with respect to an entity engaged in providing insurance, a State insurance authority shall establish the standards for safeguarding customer information maintained by entities engaged in activities described in section 4(k)(4)(B) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(4)(k)(4)(B)) that are the same as the standards contained in the interagency guidelines issued by the Comptroller of the Currency, the Board of Governors of the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision titled “Interagency Guidelines Establishing Standards for Safeguarding Customer Information”, published February 1, 2001 (66 Fed. Reg. 8633), and such standards shall be applied as if the entity engaged in providing insurance was a bank to the extent appropriate and practicable.”