Md. Code Regs. 31.16.08.04

Current through Register Vol. 51, No. 21, October 18, 2024

Section 31.16.08.04 - Exemption from Notice and Opt Out Requirements for Nonpublic Personal Financial Information

A. A licensee is not subject to the notice and opt out requirements for nonpublic personal financial information of this chapter if:

(1) The licensee is an employee, agent, or other representative of another licensee;

(2) The other licensee otherwise complies with, and provides the notices required by, the provisions of this chapter; and

(3) The licensee does not disclose any nonpublic personal information to any person other than the other licensee or its affiliates in a manner permitted by this chapter.

B. A surplus lines broker or surplus lines insurer shall be deemed to be in compliance with the notice and opt out requirements for nonpublic personal financial information of this chapter if:

(1) 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 Regulation .14 of this chapter, except as permitted by Regulations .15 or .16 of this chapter; and

(2) 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."

Md. Code Regs. 31.16.08.04