What is the focus of the Gramm-Leach-Bliley Act?

The Gramm-Leach-Bliley Act (GLBA) primarily focuses on regulating the sharing of non-public personal information by financial institutions. Specifically, it sets forth requirements for how consumer data can be disclosed to third parties. The Act mandates that financial institutions provide consumers with privacy notices that explain what information is collected, how it is used, and under which circumstances it may be shared. This is intended to ensure that consumers are aware of their privacy rights and have the opportunity to opt out of certain types of data sharing.

The significance of this regulation lies in its goal to protect personal privacy in an increasingly digital world where data sharing is common. By establishing these guidelines, GLBA aims to create a balance between the need for financial institutions to use consumer data for various services while respecting consumer privacy.

In contrast, the other options do not accurately reflect the intent or provisions of the Gramm-Leach-Bliley Act. The act does not endorse complete data sharing without restrictions, nor does it focus on insurance premiums or the coordination of financial auditing standards. Its primary emphasis is firmly on the protection and appropriate handling of non-public personal information.