1.8.7 Financial Services Modernization Act (1999)
The Financial Services Modernization Act (also known as the federal Gramm-Leach-Bliley Act of 1999 or "GLB") was passed by Congress in 1999, repealing the Glass-Steagall Act of 1933. Prior to this ruling, financial institutions, insurance companies, commercial banks, investment banks, and retail brokerages were prohibited from entering each other's line of business. The Act dissolved the prohibition.
The Act also requires privacy protection of personal financial information. Personal health information that is collected in conjunction with selling or providing a financial service (including insurance) is considered as financial information. The Florida Department of Financial Services issued Privacy Rules protecting the privacy of consumers' financial and health information. (Rule 69B-128, F.S., F.A.C.)
