What act requires insurance companies to disclose their privacy policy regarding the sharing of customers' information?

The Gramm-Leach-Bliley Act is the correct answer because it mandates that financial institutions, including insurance companies, must disclose their privacy policies to customers. This law was enacted to provide consumers with a clearer understanding of how their personal financial information is collected, used, and shared. Specifically, it requires institutions to inform customers about their information-sharing practices, including whether and how they disclose information to third parties.

By imposing these requirements, the Gramm-Leach-Bliley Act aims to enhance consumer protection and promote transparency in the financial services sector. Insurance companies must provide their customers with a notice that describes their privacy practices, allowing consumers to make informed decisions about their information.