If your MGA or Insurtech business conducts any business in California, you should be aware of the California Consumer Privacy Act (CCPA), a state law which places certain obligations on companies regarding consumer rights and data privacy. Even if your business is not based in California, the regulations apply to many companies who provide services to California residents. This means that any personal and commercial insurance client information for California-based clients or prospects, which is stored in your Agency Management System, is covered by the law and you need to know how to handle it from an operational perspective.
The CCPA grants California consumers the following rights:
Businesses must comply with the CCPA if they have $25 million or more in annual revenue, possess the personal data of more than 50,000 consumers, or earn more than half of their annual revenue by selling the personal data of consumers.
If your company is planning on growing its operations or ramping up its business initiatives in California, you must have the proper tools in place to scale accordingly with your plans. An Agency Management System equipped with the right functions will assist you with your CCPA compliance, protecting you from regulatory fines and damage to your reputation due to issues with client data privacy.
For more information about BindHQ, the industry’s leading cloud-hosted Agency Management System, built in consideration of your compliance and reporting needs, please contact us at firstname.lastname@example.org.