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Title 3 . Commerce, Community, and Economic Development
Chapter 26 . Miscellaneous
Section 665. Exceptions to notice and opt out requirements for disclosure of nonpublic personal financial information for processing and servicing transactions

3 AAC 26.665. Exceptions to notice and opt out requirements for disclosure of nonpublic personal financial information for processing and servicing transactions

(a) A licensee is not subject to the requirements for initial notice in 3 AAC 26.610(a) (2), the opt out requirements in 3 AAC 26.625 and 3 AAC 26.645, or the requirements in 3 AAC 26.660 if the licensee discloses nonpublic personal financial information to a nonaffiliated third party and the information is

(1) necessary to effect, administer, or enforce a transaction that a consumer requests or authorizes; or

(2) used in connection with

(A) servicing or processing an insurance product or service that a consumer requests or authorizes;

(B) maintaining or servicing a consumer's account with the licensee or with another entity as part of a private label credit card program or other extension of credit on behalf of the entity;

(C) a proposed or actual securitization, secondary market sale including the sale of servicing rights, or similar transaction related to a transaction of a consumer;

(D) reinsurance, stop-loss insurance, or excess loss insurance; or

(E) soliciting insurance quotes on behalf of a consumer from an insurance producer.

(b) For purposes of this section, a disclosure of information is necessary to effect, administer, or enforce a transaction if the disclosure is

(1) required in order to enforce a licensee's rights or the rights of another person engaged in carrying out the financial transaction or providing the product or service;

(2) required in order to

(A) carry out a transaction or service business of which the transaction is a part, and to record, service, or maintain the consumer's account in the ordinary course of providing an insurance product or service;

(B) administer or service benefits or claims relating to a transaction or a product or service business of which the transaction is a part;

(C) provide a confirmation, statement, or other record of a transaction or information on the status or value of an insurance product or service to the consumer or the consumer's insurance producer;

(D) accrue or recognize incentives or bonuses associated with the transaction that are provided by a licensee or other person;

(E) underwrite insurance at the consumer's request or for the following purposes in relation to a consumer's insurance:

(i) account administration;

(ii) reporting;

(iii) investigating or preventing fraud or material misrepresentation;

(iv) processing premium payments;

(v) processing insurance claims;

(vi) administering insurance benefits, including utilization review activities;

(vii) participating in research projects;

(ix) as required or specifically allowed by federal or state law; or

(3) made in connection with

(A) the authorization, settlement, billing, processing, clearing, transferring, reconciling, or collection of amounts charged, debited, or otherwise paid by using a debit, credit, or other payment card, check or account number, or other means of payment;

(B) the transfer of receivables, accounts, or interest in the receivables or accounts; or

(C) the audit of debit, credit, or other payment information.

History: Eff. 1/1/2005, Register 172

Authority: AS 21.06.090

AS 21.36.162


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The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

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Last modified 7/05/2006