What is one purpose of the Insurance Information and Privacy Act?

The purpose of the Insurance Information and Privacy Act primarily focuses on the protection of consumer information relating to insurance. It ensures that personal and sensitive information collected by insurers is managed appropriately and that consumers have rights regarding their information.

While fair advertisement procedures, regulation of agent practices, and transparency in underwriting are important aspects of the insurance industry, they do not encompass the specific intent of the Insurance Information and Privacy Act. The Act is fundamentally about safeguarding consumer privacy and ensuring that consumers' personal data is handled responsibly, thereby directly contributing to consumer protection in the insurance context. By aiming to protect consumers’ personal information from misuse, the Act underscores the importance of privacy in the insurance industry, which ultimately aligns with the spirit of consumer protection.