Current through February 24, 2025
(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.
In 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
