Regulatory Standards For The Use Of Social Media In Insurance.
Mondaq Business Briefing › Nbr. 2011, January 2011
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Regulatory Standards For The Use Of Social Media In Insurance.
The use of social media such as Facebook, Twitter and LinkedIn in the business of insurance is becoming widespread. Insurers and producers now use social media for a variety of purposes, including building brand awareness and trust, customer service and agent recruitment.
As the use of social media has grown, regulators have begun to apply existing regulatory standards to this new technology and evaluate where additional guidance and standards are needed. The Financial Industry Regulatory Authority ("FINRA") has been at the forefront of these efforts with guidance issued in 2010 and again this year addressing the application of its rules to the use of social media by broker-dealers and their registered representatives. State insurance regulators also have become more active in this area. Several state insurance departments now...See the full content of this document
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