Michigan Laws 500.515 – Initial, annual, and revised notices; information required; disclosure of nonpublic personal financial information
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(1) The initial, annual, and revised notices shall include each of the following items of information, in addition to any other information the licensee wishes to provide, that apply to the licensee and to the consumers to whom the licensee sends its privacy notice:
(a) The categories of nonpublic personal financial information that the licensee collects.
Terms Used In Michigan Laws 500.515
- 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 500.503Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC Initial notice: means the privacy notice required in section 507. See Michigan Laws 500.503 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 Nonaffiliated third party: means any person except a licensee's affiliate or a person employed jointly by a licensee and any company that is not the licensee's affiliate. 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 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) The categories of nonpublic personal financial information that the licensee discloses.
(c) The categories of affiliates and nonaffiliated third parties to whom the licensee discloses nonpublic personal financial information, other than those parties to whom the licensee discloses information under section 537 and 539.
(d) The categories of nonpublic personal financial information about the licensee’s former customers that the licensee discloses and the categories of affiliates and nonaffiliated third parties to whom the licensee discloses nonpublic personal financial information about the licensee’s former customers, other than those parties to whom the licensee discloses information under section 537 and 539.
(e) If a licensee discloses nonpublic personal financial information to a nonaffiliated third party under section 535 and no other exception in section 537 or 539 applies to that disclosure, a separate description of the categories of information the licensee discloses and the categories of third parties with whom the licensee has contracted.
(f) An explanation of the consumer‘s right under section 529 to opt out of the disclosure of nonpublic personal financial information to nonaffiliated third parties, including the method by which the consumer may exercise that right at that time.
(g) Any disclosures that the licensee makes under section 603(d)(2)(A)(iii) of the fair credit reporting act, title VI of the consumer credit protection act, Public Law 90-321, 15 U.S.C. § 1681a.
(h) The licensee’s policies and practices with respect to protecting the confidentiality and security of nonpublic personal financial information.
(i) Any disclosure that the licensee makes under subsection (2).
(2) If a licensee discloses nonpublic personal financial information as authorized under section 537 and 539, the licensee is not required to list those exceptions in the initial or annual notices. When describing the categories of parties to whom disclosure is made, the licensee is required to state only that it makes disclosures to other affiliated or nonaffiliated third parties, as applicable, as permitted by law.
(3) Instead of providing the information required under subsection (1) and if a licensee does not disclose and does not want to reserve the right to disclose nonpublic personal financial information about customers or former customers to affiliates or nonaffiliated third parties except as authorized under section 537 and 539, the licensee may state that fact as part of a simplified notice so long as the licensee provides the information required under subsections (1)(a), (h), and (i) and (2).
(4) The licensee’s initial notice may include categories of nonpublic personal financial information that the licensee reserves the right to disclose in the future but does not currently disclose, and categories of affiliates or nonaffiliated third parties to whom the licensee reserves the right in the future to disclose but to whom the licensee does not currently disclose, nonpublic personal financial information.