Michigan Laws 500.505 – Notice and opt out requirements
Current as of: 2023 | Check for updates
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(1) A licensee is not required to provide the notice and opt out requirements for nonpublic personal financial information under this chapter if the licensee is an employee, agent, or other representative of a principal and all of the following are met:
(a) The principal is another licensee.
Terms Used In Michigan Laws 500.505
- Consumer: includes , but is not limited to, all of the following:
(A) An individual who provides nonpublic personal information to a licensee in connection with obtaining or seeking to obtain financial, investment, or economic advisory services relating to an insurance product or service. See Michigan Laws 500.503Customer: means a consumer who has a customer relationship with a licensee. See Michigan Laws 500.503 Customer relationship: means a continuing relationship between a consumer and a licensee under which the licensee provides 1 or more insurance products or services to the consumer that are to be used primarily for personal, family, or household purposes. See Michigan Laws 500.503 Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 Licensee: means a licensed insurer or producer, and other persons licensed or required to be licensed, authorized or required to be authorized, registered or required to be registered, or holding or required to hold a certificate of authority under this act. See Michigan Laws 500.503 Nonpublic personal financial information: means personally identifiable financial information and 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 Michigan Laws 500.503 Opt out: means a direction by the consumer that the licensee not disclose nonpublic personal financial information about that consumer to a nonaffiliated third party, other than as permitted by sections 535, 537, and 539. See Michigan Laws 500.503 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(b) The principal otherwise complies with and provides the notices required by this chapter.
(c) The licensee does not disclose any nonpublic personal information to any person other than the principal or its affiliates as provided in this chapter.
(2) A surplus lines broker or surplus lines insurer is considered to be in compliance with the notice and opt out requirements for nonpublic personal financial information under this chapter if all of the following are met:
(a) The broker or insurer 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 535, except as permitted by section 537 or 539.
(b) The broker or insurer delivers a notice to the consumer at the time a customer relationship is established on which the following is printed in 16-point type:
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.”.