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However, there is a thin line when it comes to employee and health insurance activity tracking, where there is a danger of wearable data being used to discriminate against people and marking the end of privacy.
RelayRides, the startup that runs a peer-to-peer marketplace for people to share their cars, has been ordered to pay a $200,000 fine to New York State after an investigation by the state's Department of Financial Services found that the company "put New Yorkers at risk through false advertising, unlicensed insurance activity, and other violations," Governor Andrew Cuomo's office announced today.
Today RelayRides conducts business in 49 states (not New York, though, as the company was smacked for false advertising, unlicensed insurance activity and other violations), has booked transactions in 2,500 cities in the U.S. and has a car-sharing and airport parking presence at over 300 airports nationally.
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Interviewees and their facilities needed to be accredited as providers and actively involved in health insurance activities of the NHIS for at least three years.
The second stage involved the random selection of 509 provider personnel that were actively involved in health insurance activities for at least three years in the randomly selected health facilities.
So if an insurer wanted to conduct proprietary trading under the guise of insurance activities, it might find it easier to shield that activity from regulators.
Where insurance activities may take place.
§ 14.50 Where insurance activities may take place.
12 CFR § 343.50 - Where insurance activities may take place.
12 CFR § 14.50 - Where insurance activities may take place.
(iv) An insurance company, with respect to its insurance activities and its activities incidental to those insurance activities, that is subject to supervision by a State insurance regulator.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com