Current through February 24, 2025
(a) For purposes of
3
AAC 26.605 -
3
AAC 26.749, an individual is a consumer if
(1) the individual seeks to obtain, obtains,
has obtained, or is a claimant or beneficiary of an insurance product or
service that provides coverage primarily for personal, family, or household
purposes, including employee job-related injury and disease; and
(2) a licensee has nonpublic personal
information about the individual.
(b) For purposes of (a) of this section, a
consumer includes
(1) a legal representative
of the individual;
(2) an
individual who provides nonpublic personal information to the licensee in
connection with obtaining or seeking to obtain financial, investment, or
economic advisory services relating to an insurance product or service,
regardless of whether the licensee establishes an ongoing advisory
relationship;
(3) an applicant for
insurance before the effective date of insurance coverage; and
(4) an individual
(A) about whom the licensee discloses
nonpublic personal financial information to a nonaffiliated third party or
nonpublic personal health information other than as allowed under
3
AAC 26.660 -
3
AAC 26.670 and
3
AAC 26.680; and
(B) who is
(i) a beneficiary of a life insurance policy
underwritten by the licensee;
(ii)
a claimant under an insurance policy issued by the licensee;
(iii) an insured under an insurance policy
issued by the licensee;
(iv) an
annuitant under an annuity contract issued by the licensee; or
(v) a mortgagor of a mortgage covered under a
mortgage insurance policy.
(c) For purposes of (a) of this section, a
consumer does not include an individual
(1)
who is a consumer of another financial institution for which the licensee
(A) acts solely as an agent of the financial
institution; or
(B) provides only
processing or other services to the financial institution;
(2) whose sole relationship with the licensee
is that of a beneficiary of a trust for which the licensee is a trustee;
or
(3) whose sole relationship with
the licensee is due to the individual designating the licensee as a trustee for
a trust.
(d) If a
licensee provides the notices required under
3
AAC 26.610,
3
AAC 26.615, and
3
AAC 26.630 to a plan sponsor, group or blanket
insurance policyholder, group annuity contract holder, or workers' compensation
policyholder, and the licensee does not disclose nonpublic personal information
about an individual described in this subsection to a nonaffiliated third party
except as allowed under
3
AAC 26.660 -
3
AAC 26.670, the individual is not a consumer for
purposes of (a) of this section or a customer solely because the individual is
(1) a participant or beneficiary of an
employee benefit plan that the licensee administers or sponsors or for which
the licensee acts as a trustee, insurer, or fiduciary;
(2) covered under a group or blanket
insurance policy or group annuity contract issued by the licensee; or
(3) a claimant under a workers' compensation
plan.
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 26.715, 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
