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(a) A licensee shall provide a clear and conspicuous notice that accurately reflects the licensee's privacy policies and practices to a
(1) customer not later than when the licensee establishes a customer relationship, except as provided in (d) of this section; and
(2) consumer before the licensee discloses nonpublic personal financial information about the consumer to a nonaffiliated third party, unless the disclosure is authorized under 3 AAC 26.665 and 3 AAC 26.670.
(b) A licensee is not required to provide an initial notice to a consumer under (a) of this section if the
(1) licensee does not disclose nonpublic personal financial information about the consumer to a nonaffiliated third party except as authorized under 3 AAC 26.665 and 3 AAC 26.670 and the licensee does not have a customer relationship with the consumer; or
(2) initial notice is provided under (a) of this section by an affiliate that is a licensee, and the notice
(A) identifies each licensee to whom the notice applies; and
(B) accurately states the privacy policies and practices of each licensee.
(c) If an existing customer seeks to obtain or obtains a new insurance product or service that is to be used primarily for personal, family, or household purposes from a licensee, the licensee meets the requirements of (a) of this section if the
(1) licensee provides a revised policy notice in compliance with 3 AAC 26.630 covering the new insurance product or service; or
(2) most recent notice given to the customer by the licensee is accurate with respect to the new insurance product or service.
(d) A licensee may provide the initial notice under (a)(1) of this section within a reasonable time after the licensee establishes a customer relationship if
(1) establishing the customer relationship is not at the customer's election, including when a licensee acquires or is assigned a customer's policy from another financial institution or residual market mechanism and the customer does not have a choice about the acquisition or assignment; or
(2) providing the notice not later than when the licensee establishes a customer relationship as required under (a)(1) of this section would substantially delay the customer's transaction and the customer agrees to receive the notice at a later time.
History: Eff. 1/1/2005, Register 172
Authority: AS 21.06.090
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Last modified 7/05/2006