Nev. Admin. Code § 679B.854

Current through October 11, 2024

Section 679B.854 - Circumstances under which licensee not subject to notice and opt-out requirements; compliance with requirements by surplus lines broker and surplus lines insurer

1. A licensee is not subject to the notice and opt-out requirements for nonpublic personal financial information set forth in NAC 679B.800 to 679B.878, inclusive, if:

(a) The licensee is an employee, agent or other representative of a principal who is another licensee;

(b) The principal otherwise complies with the requirements of NAC 679B.800 to 679B.878, inclusive, by providing the required notices; and

(c) The licensee does not disclose any nonpublic personal financial information to any person other than the principal or any affiliates of the principal in a manner permitted by NAC 679B.800 to 679B.878, inclusive.

2. A surplus lines broker or surplus lines insurer shall be deemed to be in compliance with the notice and opt-out requirements for nonpublic personal financial information set forth in NAC 679B.800 to 679B.878, inclusive, if:

(a) Except as otherwise permitted by NAC 679B.872 or 679B.874, the broker or insurer does not disclose nonpublic personal financial information of a consumer or a customer to nonaffiliated third parties for any purpose, including, without limitation, joint servicing or marketing pursuant to NAC 679B.870; and

(b) The broker or insurer delivers a notice to the consumer at the time a customer relationship is established on which a notice in substantially the following form is printed in 16-point type:

Privacy Notice

The U.S. brokers that handled this insurance and the insurers that have underwritten this insurance will not disclose nonpublic personal financial information concerning the buyer to nonaffiliates of the brokers or insurers except as permitted by law.

3. For the purposes of this section, an employee, agent or other representative of a principal includes:

(a) An insurance producer, public adjuster or other licensee who is employed by another insurance producer, public adjuster or other licensee;

(b) An insurance producer of an insurer;

(c) An insurance producer that has binding authority for an insurer; or

(d) A sublicensee of a licensee, whether or not the sublicensee is licensed in any other capacity.

Nev. Admin. Code § 679B.854

Added to NAC by Comm'r of Insurance by R130-01, eff. 12-17-2002

NRS 679B.130, 686A.025