Section Ins 25.50 - Exception to opt out requirements for disclosure of nonpublic personal financial information for service providers and joint marketing(1) SERVICES. (a) General rule. The opt out requirements in ss. Ins 25.17 and do not 25.30 apply when a licensee provides nonpublic personal financial information to either of the following: 1. A nonaffiliated third party to perform services for the licensee or functions on the licensee's behalf, if the licensee complies with all of the following: a. It provides the initial notice in accordance with s. Ins 25.10.b. It enters into a contractual agreement with the third party that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the licensee disclosed the information, including use under an exception in s. Ins 25.55 or in the 25.60 ordinary course of business to carry out those purposes.2. A nonaffiliated third party for the purpose of marketing goods or services under the brand name of a licensee under ch. Ins 15, or an affiliate of such a licensee, if the licensee complies with all of the following:a. It provides the initial notice in accordance with s. Ins 25.10.b. The licensee or its affiliate enters into a contractual agreement with the third party that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the licensee or its affiliate disclosed the information, including use under an exception in s. Ins 25.55 or in the 25.60 ordinary course of business to carry out those purposes.c. The licensee or its affiliate contractually requires the third party to comply with the licensee's or its affiliate's standards that are reasonably designed to ensure the quality of the goods or services, and customer services.d. The licensee or affiliate enters into a contractual agreement with the third party that requires the third party to implement reasonable safeguards to protect the security and confidentiality of its nonpublic personal financial information and take action that is necessary to enforce those safeguards. (am) Solicitations. Nothing in this section shall be construed or otherwise permit telephone solicitation which would otherwise be prohibited under s. 100.52, Stats., or subch. V of ch. ATCP 127.(b) Example. If a licensee discloses nonpublic personal financial information under this section to a financial institution with which the licensee performs joint marketing, the licensee's contractual agreement with that institution meets the requirements of par. (b) if it prohibits the institution from disclosing or using the nonpublic personal financial information except as necessary to carry out the joint marketing or under an exception in s. Ins 25.55 or in the 25.60 ordinary course of business to carry out that joint marketing.(2) SERVICE MAY INCLUDE JOINT MARKETING. The services a nonaffiliated third party performs for a licensee under sub. (1) may include marketing of the licensee's own products or services or marketing of financial products or services offered pursuant to joint agreements between the licensee and one or more financial institutions. (3) DEFINITION OF "JOINT AGREEMENT". For purposes of this section, "joint agreement" means a written contract pursuant to which a licensee and one or more financial institutions jointly offer, endorse or sponsor a financial product or service.Wis. Admin. Code Office of the Commissioner of Insurance Ins 25.50
Cr. Register, June, 2001, No. 546, eff. 7-1-01; CR: 03-083: am. (1) (a), cr. (1) (am) Register March 2004 No. 579, eff. 4-1-04.