As an insurance company or an insurance broker, you provide your customers with the peace of mind that their assets are properly covered against loss, theft, or damage. Protecting confidential information isn’t just a best practice, it is the law, and Shred Nations can provide you with services that comply with laws and policies.
Most businesses that work with confidential information are heavily regulated. And laws designed to protect identities, financial data, and personal privacy come with strict rules – and strong fines for violating them. Shred Nations can help you stay compliant.
Insurance Documents You Should Shred
If you create, collect, or dispose of these types of electronic media, you and your organization could be at risk of an information breach:
- Financial Statements
- Balance Sheets
- Income Statements
- Personal Financial Statements
- Tax Filings and Internal Audits
- Development Plans and Forecasts
- Personal Customer Information
- Social Security Numbers
- Healthcare Provider Numbers
- Medicaid/ACA Information
- Medical Records and Claims
- Healthcare Provider Payment Reports
- Accident Claims
- Personal Injury Reports
Privacy Regulations for Insurance
The Identity Theft Penalty Enhancement Act
Amends the Federal criminal code to establish penalties for aggravated identity theft for misuse of private information. Individuals caught and convicted of identity theft will receive 2 to 5 years of imprisonment.
Red Flag Rules
Requires dealerships and financial institutions to create a written identity theft prevention program to detect, prevent, and mitigate identity theft. The Federal Trade Commission aims for a program that can help businesses spot suspicious patterns and prevent the costly consequences of identity theft.
Health Insurance Portability and Accountability Act (HIPAA)
Established to protect how patients’ health information can be used and disclosed. It governs the confidentiality of PHI and the secure destruction of any physical or digital data. Any violations are subject to fines up to $1.5 million.
Get Free Quotes on Insurance Shredding Services
Call (800) 747-3365 or fill out the form to receive a free quote for your shredding needs.