PART III.  LIMITS ON DISCLOSURES OF

FINANCIAL INFORMATION

 

Terms Used In Hawaii Revised Statutes 431:3A-301

  • Consumer: means an individual, including but not limited to applicants, policyholders, insureds, beneficiaries, claimants, and certificate holders, who is a resident of this State and whose nonpublic information is in a licensee's possession, custody, or control. See Hawaii Revised Statutes 431:3B-101
  • Customer: means a consumer who has a customer relationship with a licensee. See Hawaii Revised Statutes 431:3A-102
  • Licensee: includes an unauthorized insurer that accepts business placed through a licensed surplus lines broker in this State, but only in regard to the surplus lines placements under article 8, chapter 431. See Hawaii Revised Statutes 431:3A-102
  • Nonaffiliated third party: includes any company that is an affiliate solely by virtue of the direct or indirect ownership or control of the company by the licensee or its affiliate in conducting merchant banking or investment banking activities of the type described in § 4(k)(4)(H) of the federal Bank Holding Company Act, Title 12 U. See Hawaii Revised Statutes 431:3A-102
  • Nonpublic personal financial information: means :

         (1)  Personally identifiable financial information; and

         (2)  Any list, description, or other grouping of consumers and publicly available information pertaining to them, that is derived using any personally identifiable financial information that is not publicly available. See Hawaii Revised Statutes 431:3A-102

  • Opt out: means a direction by a consumer that a licensee not disclose nonpublic financial information about that consumer to a nonaffiliated third party, other than as permitted by part IV of this article. See Hawaii Revised Statutes 431:3A-102

     [§431:3A-301]  Limits on disclosure of nonpublic personal financial information to nonaffiliated third parties.  (a)  Except as otherwise authorized under this article, a licensee may not disclose, directly or through any affiliate, any nonpublic personal financial information about a consumer to a nonaffiliated third party unless:

     (1)  The licensee has provided to the consumer an initial notice as required under § 431:3A-201;

     (2)  The licensee has provided to the consumer an opt out notice as required under § 431:3A-204;

     (3)  The licensee has given the consumer a reasonable opportunity, before it discloses the information to the nonaffiliated third party, to opt out of the disclosure; and

     (4)  The consumer does not opt out.

     (b)  A licensee shall comply with this section, whether or not the licensee and the consumer have established a customer relationship.  If a licensee fails to comply with this section, the licensee may not disclose, directly or through any affiliate, any nonpublic personal financial information about a consumer that the licensee has collected, whether or not the licensee collected it before or after receiving the direction to opt out from the consumer.

     (c)  A licensee may allow a consumer to select certain nonpublic personal financial information or certain nonaffiliated third parties with respect to which the consumer wishes to opt out.