Ill. Admin. Code tit. 50 § 4002.20

Current through Register Vol. 48, No. 49, December 6, 2024

Section 4002.20 - Applicability

a) This Part applies to all licensees, companies, and other persons licensed or required to be licensed, or authorized or required to be authorized, or registered or required to be registered, or domiciled pursuant to the Illinois Insurance Code or any other Act of Chapter 215 of the Illinois Compiled Statutes. This Part also applies to unauthorized insurers or companies who accept business placed through a licensed surplus line producer in this State, but only in regard to the surplus line transactions placed pursuant to Section 445 of the Illinois Insurance Code [215 ILCS 5/445] . However, this Part does not apply to "service contract providers" as defined by the Service Contract Act [215 ILCS 152 ].

b) A licensee is not subject to the notice and opt out requirements for nonpublic personal financial information set forth in this Part if the licensee is an employee, agent or other representative of another licensee ("the principal") and:

1) The principal otherwise complies with, and provides the notices required by, the provisions of this Part; and

2) The licensee does not disclose any nonpublic personal financial information to any person other than the principal or its affiliates in a manner permitted by this Part.

c) Any person or company conducting transactions pursuant to Section 445 of the Illinois Insurance Code [215 ILCS 5/445] shall be in compliance with the notice and opt out requirements for nonpublic personal financial information set forth in this Part provided:

1) The person or company conducting transactions pursuant to Section 445 of the Illinois Insurance Code does not disclose nonpublic personal information of a consumer or a customer to nonaffiliated third parties for any purpose, including joint servicing or marketing under Section 4002.130 of this Part, except as permitted by Section 4002.140 or 4002.150 of this Part; and

2) The person or company conducting transactions pursuant to Section 445 of the Illinois Insurance Code delivers a notice to the consumer at the time a customer relationship is established on which the following is printed in 16-point type and is clear and conspicuous:

PRIVACY NOTICE

NEITHER THE U.S. BROKERS THAT HANDLED THIS INSURANCE NOR THE INSURERS THAT HAVE UNDERWRITTEN THIS INSURANCE WILL DISCLOSE NONPUBLIC PERSONAL INFORMATION CONCERNING THE BUYER TO NONAFFILIATES OF THE BROKERS OR INSURERS EXCEPT AS PERMITTED BY LAW.

Ill. Admin. Code tit. 50, § 4002.20