Illinois Administrative Code
Title 50 - INSURANCE
Part 4002 - PERSONAL INFORMATION PRIVACY PROTECTION
Section 4002.50 - Annual Privacy Notice to Customers
Current through Register Vol. 48, No. 12, March 22, 2024
a) A licensee shall provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices not less than annually during the continuation of the customer relationship. Annually means at least once in any period of 12-consecutive months during which that relationship exists. A licensee may define the 12-consecutive-month period, but the licensee shall apply it to the customer on a consistent basis. If a licensee defines the 12-consecutive-month period as a calendar year and a customer opens an account on any day of year 1, the licensee shall provide an annual notice to that customer by December 31 of year 2.
b) Termination of customer relationship. A licensee is not required to provide an annual notice to a former customer. For the purposes of this Part, a former customer is an individual with whom a licensee no longer has a continuing relationship, which includes, but is not limited to, when:
c) Delivery. When a licensee is required by this Section to deliver an annual privacy notice, the licensee shall deliver it according to Section 4002.90.
d) Affiliated Licensee. The annual notice may be provided by an affiliated licensee, as long as the notice clearly identifies all licensees to which the notice applies or states that it applies to all affiliates of the named licensee, and is accurate with respect to the licensee and other institutions and would otherwise meet the requirements of this Part.
e) Exemptions. Provision of the annual privacy notice required under this Section shall not be required when the licensee:
f) At any time a licensee fails to comply with any of the criteria described in subsection (e), the licensee shall be required to provide the annual privacy notice required in this Section.
g) All licensees shall continue to be required to provide the initial privacy notices required by Section 4002.40.