Insurance agencies take note: the California Consumer Privacy Act (CCPA) came into effect on January 01, 2020, setting a new bar for businesses that collect and share the personal data of Californian consumers. While some agencies’ commercial insureds should be paying attention to this law, agents themselves also have to understand how they could be impacted by the CCPA.
“[The CCPA] affects any business holding data on California citizens, plus they have to meet one of these three criteria. They have to be doing at least $25 million in annual revenue, have personal data on at least 50,000 California citizens, or collect more than half their revenue from the sale of personal data,” explained Becky Schroeder, chief marketing officer at Insurance Technologies Corporation (ITC). “What that means is you don’t have to be located in California to be affected by this law. As long as you’re doing business in California and have data on at least 50,000 of the state’s citizens, or if you collect more than half the revenue from the sale of data, you have to comply with this.”
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.