; and (B) with respect to any such standards related to notification of the breach of data security, by the State insurance authority of any State in which customers of the entity are affected by such a breach of data security. (2) Notification by assuming insurer (A) In general Notwithstanding subsection (b), an assuming insurer that experiences a breach of data security shall only be required to notify the State insurance authority of the State in which the assuming insurer is domiciled. (B) Assuming insurer defined For purposes of this paragraph, the term assuming insurer means an entity engaged in providing insurance that acquires an insurance obligation or risk from another entity engaged in providing insurance pursuant to a reinsurance agreement. (3) Safeguards for insurance customers In carrying out subsection (b) with respect to an entity engaged in providing insurance, a State insurance authority shall establish the standards for safeguarding customer information maintained by entities engaged in activities described in section 4(k)(4)(B) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(4)(k)(4)(B)) that are the same as the standards contained in the interagency guidelines issued by the Comptroller of the Currency, the Board of Governors of the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision titled Interagency Guidelines Establishing Standards for Safeguarding Customer Information , published February 1, 2001 (66 Fed. Reg. 8633), and such standards shall be applied as if the entity engaged in providing insurance was a bank to the extent appropriate and practicable. . 3. Preemption with respect to financial institution safeguards Section 507 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6807 ) is amended to read as follows: 507. Relation to State laws (a) In general This subtitle preempts any law, rule, regulation, requirement, standard, or other provision having the force and effect of law of any State, or political subdivision of a State, with