"No to Privacy Profiteers" (editorial, Aug. 12) notes that SB 773 would stop insurance companies from selling confidential financial information to other companies for marketing purposes. If that was all Sen. Jackie Speier's (D-Hillsborough) bill did, insurance companies would support the bill. Insurance companies do not sell confidential financial information to anyone.
Unfortunately, SB 773 goes far beyond selling information. The bill even restricts sharing of information among affiliate companies with one parent company, even if the companies are operating under the same brand name. In addition, the bill totally ignores how companies are structured and creates an unlevel playing field by favoring some companies over others. This is unfair and destructive to the economy of the state. The bill will be confusing to consumers, who will receive multiple notices from the same companies because of the overlap of state and federal laws.