(1) If a licensee receives nonpublic personal financial information from a nonaffiliated financial institution under an exception in section 537 or 539, the licensee’s disclosure and use of that information is limited as follows:
  (a) The licensee may disclose the information to the affiliates of the financial institution from which the licensee received the information.

Terms Used In Michigan Laws 500.531

  • 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
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  (b) The licensee may disclose the information to its affiliates, but the licensee’s affiliates may, in turn, disclose and use the information only to the extent that the licensee may disclose and use the information.
  (c) The licensee may disclose and use the information pursuant to an exception in section 537 or 539 in the ordinary course of business to carry out the activity covered by the exception under which the licensee received the information.
  (2) If a licensee receives nonpublic personal financial information from a nonaffiliated financial institution other than under an exception in section 537 or 539, the licensee may disclose the information only as follows:
  (a) To the affiliates of the financial institution from which the licensee received the information.
  (b) To its affiliates, but its affiliates may, in turn, disclose the information only to the extent that the licensee may disclose the information.
  (c) To any other person, if the disclosure would be lawful if made directly to that person by the financial institution from which the licensee received the information.
  (3) If a licensee discloses nonpublic personal financial information to a nonaffiliated third party under an exception in section 537 or 539, the third party may disclose and use that information only as follows:
  (a) To the licensee’s affiliates.
  (b) To its affiliates, but its affiliates may, in turn, disclose and use the information only to the extent that the third party may disclose and use the information.
  (c) Pursuant to an exception in section 537 or 539 in the ordinary course of business to carry out the activity covered by the exception under which it received the information.
  (4) If a licensee discloses nonpublic personal financial information to a nonaffiliated third party other than under an exception in section 537 or 539, the third party may disclose the information only as follows:
  (a) To the licensee’s affiliates.
  (b) To the third party’s affiliates, but the third party’s affiliates may, in turn, disclose the information only to the extent the third party can disclose the information.
  (c) To any other person, if the disclosure would be lawful if the licensee made it directly to that person.
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