Wisconsin Administrative Code
Office of the Commissioner of Insurance
Chapter Ins 25 - Privacy Of Consumer Financial And Health Information
Subchapter IV - Exceptions to Limits on Disclosure of Financial Information
Section Ins 25.60 - Other exceptions to notice and opt out requirements for disclosure of nonpublic personal financial information
Universal Citation: WI Admin Code ยง Ins 25.60
Current through August 26, 2024
(1) EXCEPTIONS TO OPT OUT REQUIREMENTS. The requirements for initial notice to consumers in s. Ins 25.10(1) (b), the opt out in ss. Ins 25.17 and 25.30, and service providers and joint marketing in s. Ins 25.50 do not apply when a licensee discloses nonpublic personal financial information under any of the following circumstances:
(a) With the consent or at the direction of
the consumer, provided that the consumer has not revoked the consent or
direction.
(b)
1. To protect the confidentiality or security
of a licensee's records pertaining to the consumer, service, product or
transaction.
2. To protect against
or prevent actual or potential fraud or unauthorized transactions.
3. For required institutional risk control or
for resolving consumer disputes or inquiries.
4. To persons holding a legal or beneficial
interest relating to the consumer.
5. To persons acting in a fiduciary or
representative capacity on behalf of the consumer.
(c) To provide information to insurance rate
advisory organizations, guaranty funds or agencies, agencies that are rating a
licensee, persons that are assessing the licensee's compliance with industry
standards, and the licensee's attorneys, accountants and auditors.
(d) To the extent specifically permitted or
required under other provisions of law and in accordance with the federal Right
to Financial Privacy Act of 1978 (12
USC 3401 et seq.), to law enforcement
agencies (including the Federal Reserve Board, Office of the Comptroller of the
Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision,
National Credit Union Administration, the Securities and Exchange Commission,
the Secretary of the Treasury, with respect to 31 U.S.C. Chapter 53, Subchapter
II (Records and Reports on Monetary Instruments and Transactions) and 12 U.S.C.
Chapter 21 (Financial Recordkeeping), a state insurance authority, and the
Federal Trade Commission), self-regulatory organizations or for an
investigation on a matter related to public safety.
(e)
1. To a
consumer-reporting agency in accordance with the federal Fair Credit Reporting
Act (15 USC
1681 et seq.).
2. Disclosure from a consumer report reported
by a consumer-reporting agency.
(f) In connection with a proposed or actual
sale, merger, transfer or exchange of all or a portion of a business or
operating unit if the disclosure of nonpublic personal financial information
concerns solely consumers of the business or unit.
(g)
1. To
comply with federal, state or local laws, rules and other applicable legal
requirements.
2. To comply with a
properly authorized civil, criminal or regulatory investigation, or subpoena or
summons by federal, state or local authorities.
3. To respond to judicial process or
government regulatory authorities having jurisdiction over a licensee for
examination, compliance or other purposes as authorized by law.
(h) For purposes related to the
replacement of a group benefit plan, a group health plan, a group welfare plan
or a workers' compensation policy.
(2) EXAMPLE OF REVOCATION OF CONSENT. A consumer may revoke consent by subsequently exercising the right to opt out of future disclosures of nonpublic personal financial information as permitted under s. Ins 25.17(6).
(3) RECEIVERSHIP. This chapter does not apply to a receiver for an insurer subject to a delinquency proceeding under ch. 645, Stats.
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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