Wisconsin Administrative Code
Office of the Commissioner of Insurance
Chapter Ins 25 - Privacy Of Consumer Financial And Health Information
Subchapter II - Privacy and Opt-Out Notices for Financial Information
Section Ins 25.13 - Annual privacy notice to customers required
Universal Citation: WI Admin Code ยง Ins 25.13
Current through August 26, 2024
(1) ANNUAL NOTICE.
(a)
General rule. A licensee
shall provide a clear and conspicuous notice to customers that accurately
reflects its privacy policies and practices with regard to nonpublic personal
financial information not less than annually during the continuation of the
customer relationship. Annually means at least once in any period of twelve
consecutive months during which that relationship exists. A licensee may define
the twelve consecutive-month period, but the licensee shall apply it to the
customer on a consistent basis.
(b)
Example. A licensee provides a notice annually if it defines
the twelve consecutive-month period as a calendar year and provides the annual
notice to the customer once in each calendar year following the calendar year
in which the licensee provided the initial notice. For example, if 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.
(2) TERMINATED CUSTOMER.
(a)
Termination of customer
relationship. A licensee is not required to provide an annual notice
to a former customer. A former customer is an individual with whom a licensee
no longer has a continuing relationship.
(b)
Examples. The following
are examples of the termination of a customer relationship:
1. A licensee no longer has a continuing
relationship with an individual if the individual no longer is a current
policyholder of an insurance product or no longer obtains insurance services
with or through the licensee.
2. A
licensee no longer has a continuing relationship with an individual if the
individual's policy is lapsed, expired or otherwise inactive or dormant under
the licensee's business practices, and the licensee has not communicated with
the customer about the relationship for a period of twelve consecutive months,
other than to provide annual privacy notices, material required by law or
regulation, or promotional materials.
3. For the purposes of this chapter, a
licensee no longer has a continuing relationship with an individual if the
individual's last known address according to the licensee's records is deemed
invalid. An address of record is deemed invalid if mail sent to that address by
the licensee has been returned by the postal authorities as undeliverable and
if subsequent attempts by the licensee to obtain a current valid address for
the individual have been unsuccessful.
4. A licensee no longer has a continuing
relationship with a customer in the case of providing real estate settlement
services, at the time the customer completes execution of all documents related
to the real estate closing, payment for those services has been received, or
the licensee has completed all of its responsibilities with respect to the
settlement, including filing documents on the public record, whichever is
later.
(3) DELIVERY. When a licensee is required by this section to deliver an annual privacy notice, the licensee shall deliver it according to s. Ins 25.25.
(4) EXCEPTIONS. The annual privacy notice requirement in this section does not apply when a licensee complies with either of the following:
(a) When a licensee provides
nonpublic personal financial information to any person described by s.
Ins 25.50(1) (a) 2.
(b) When both of the following conditions are
met:
1. The licensee provides nonpublic
personal information only in accordance with the provisions of this
chapter.
2. The licensee has not
changed its policies and practices with regard to disclosing nonpublic personal
information from the policies and practices that were disclosed in the
licensee's most recent disclosure to consumers in accordance with this
section.
Disclaimer: These regulations may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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