Section 3 AAC 26.665 - Exceptions to notice and opt out requirements for disclosure of nonpublic personal financial information for processing and servicing transactions(a) A licensee is not subject to the requirements for initial notice in 3 AAC 26.610(a) (2), the opt out requirements in 3 AAC 26.625 and 3 AAC 26.645, or the requirements in 3 AAC 26.660 if the licensee discloses nonpublic personal financial information to a nonaffiliated third party and the information is(1) necessary to effect, administer, or enforce a transaction that a consumer requests or authorizes; or(2) used in connection with (A) servicing or processing an insurance product or service that a consumer requests or authorizes;(B) maintaining or servicing a consumer's account with the licensee or with another entity as part of a private label credit card program or other extension of credit on behalf of the entity;(C) a proposed or actual securitization, secondary market sale including the sale of servicing rights, or similar transaction related to a transaction of a consumer;(D) reinsurance, stop-loss insurance, or excess loss insurance; or(E) soliciting insurance quotes on behalf of a consumer from an insurance producer.(b) For purposes of this section, a disclosure of information is necessary to effect, administer, or enforce a transaction if the disclosure is (1) required in order to enforce a licensee's rights or the rights of another person engaged in carrying out the financial transaction or providing the product or service;(2) required in order to (A) carry out a transaction or service business of which the transaction is a part, and to record, service, or maintain the consumer's account in the ordinary course of providing an insurance product or service;(B) administer or service benefits or claims relating to a transaction or a product or service business of which the transaction is a part;(C) provide a confirmation, statement, or other record of a transaction or information on the status or value of an insurance product or service to the consumer or the consumer's insurance producer;(D) accrue or recognize incentives or bonuses associated with the transaction that are provided by a licensee or other person;(E) underwrite insurance at the consumer's request or for the following purposes in relation to a consumer's insurance:(i) account administration;(iii) investigating or preventing fraud or material misrepresentation;(iv) processing premium payments;(v) processing insurance claims;(vi) administering insurance benefits, including utilization review activities;(vii) participating in research projects;(ix) as required or specifically allowed by federal or state law; or(3) made in connection with (A) the authorization, settlement, billing, processing, clearing, transferring, reconciling, or collection of amounts charged, debited, or otherwise paid by using a debit, credit, or other payment card, check or account number, or other means of payment;(B) the transfer of receivables, accounts, or interest in the receivables or accounts; or(C) the audit of debit, credit, or other payment information.Eff. 1/1/2005, Register 172In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.36.162 as AS 21.36.510. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 26.665, so that the citation to former AS 21.36.162 now refers to the renumbered statute, AS 21.36.510.
Authority:AS 21.06.090
AS 21.36.510