Current through September 27, 2024
Section 38a-8-117 - Exceptions to notice and opt out requirements for disclosure of nonpublic personal financial information for processing and servicing transactions(a) The requirements for the initial notice in section 38a-8-107 of the Regulations of Connecticut State Agencies, the annual notice in section 38a-8-108 of the Regulations of Connecticut State Agencies, the revised notice in section 38a-8-111 of the Regulations of Connecticut State Agencies, and opt out in section 38a-8-110 and 38a-8-113 of the Regulations of Connecticut State Agencies do not apply if the licensee: (1) Is an employee, agent, or other representative of another licensee ("the principal") including, but not limited to:(A) An insurance broker, public adjuster, or other licensee who is employed by another insurance broker, public adjuster, or other licensee;(B) An independent adjuster adjusting a claim or benefit on behalf of an insurer;(C) An insurance agent of an insurer;(D) An insurance broker that has binding authority for an insurer; or(E) A sublicensee of a licensee, whether or not the sublicensee is licensed in any other capacity; and(2) The principal otherwise complies with, and provides the notices required by sections 38a-8-105 to 38a-8-123 of the Regulations of Connecticut State Agencies; and(3) The licensee does not disclose any nonpublic personal financial information to any person other than the principal or the principal's affiliates in a manner permitted by sections 38a-8-105 to 38a-8-123 of the Regulations of Connecticut State Agencies.(b) The requirements for the initial notice in section 38a-8-107 of the Regulations of Connecticut State Agencies, the opt out in sections 38a-8-110 and 38a-8-113 of the Regulations of Connecticut State Agencies, and requirements for service providers and joint marketing in section 38a-8-116 of the Regulations of Connecticut State Agencies shall not apply if the licensee discloses nonpublic personal financial information as necessary to effect, administer, or enforce a transaction that a consumer requests or authorizes, or in connection with: (1) Servicing or processing an insurance product or service that a consumer requests or authorizes;(2) Maintaining or servicing the consumer's account with a licensee, or with another entity as part of a private label credit card program or other extension of credit on behalf of such entity;(3) A proposed or actual securitization, secondary market sale (including sales of servicing rights), or similar transaction related to a transaction of the consumer; or(4) Reinsurance or stop loss or excess loss insurance.(c) The disclosure of nonpublic personal financial information shall be deemed necessary to effect, administer, or enforce a transaction if disclosure is: (1) Required, or is one of the lawful or appropriate methods to enforce the licensee's rights or the rights of other persons engaged in carrying out the financial transaction or providing the product or service; or(2) Required, usual, appropriate, or an acceptable method: (A) To carry out the transaction or the product, to service business of which the transaction is a part, to record, service, or maintain the consumer's account in the ordinary course of providing the insurance product or service;(B) To administer or service benefits or claims relating to the transaction or the product, or to service business of which it is a part;(C) To provide a confirmation, statement, or other record of the transaction, or information on the status or value of the insurance product or service to the consumer, the consumer's agent, broker, or to the policyholder of a worker's compensation plan;(D) To accrue or recognize incentives or bonuses associated with the transaction that are provided by a licensee or any other party;(E) To underwrite insurance at the consumer's request or for any of the following purposes as they relate to a consumer's insurance: account administration, reporting, investigating or preventing fraud or material misrepresentation, processing premium payments, processing insurance claims, administering insurance benefits (including utilization review activities), participating in research projects, or as otherwise required or specifically permitted by federal or state law; or(F) In connection with: (i) The authorization, settlement, billing, processing, clearing, transferring, reconciling or collection of amounts charged, debited or otherwise paid using a debit, credit or other payment card, check or account number, or by other payment means;(ii) The transfer of receivables, accounts, or interests therein; or(iii) The audit of debit, credit, or other payment information.Conn. Agencies Regs. § 38a-8-117
Adopted effective June 7, 2002