3 AAC 26.625. Opt out notices and methods

(a) If a licensee is required to provide an opt out notice under 3 AAC 26.645, the licensee shall provide to each of the licensee's consumers a clear and conspicuous opt out notice that accurately explains the consumer's right to opt out under 3 AAC 26.645.

(b) The opt out notice required in (a) of this section must state

(1) that the licensee discloses or reserves the right to disclose nonpublic personal financial information about a consumer to a nonaffiliated third party;

(2) that the consumer has the right to opt out of disclosure; and

(3) the means provided under 3 AAC 26.645(a) (3) for a consumer to opt out.

(c) A licensee may provide the opt out notice required under 3 AAC 26.645 at the same time and in the same written or electronic form as the initial notice required under 3 AAC 26.610 is provided.

(d) If a licensee provides an opt out notice to a consumer after the initial notice required under 3 AAC 26.610 is provided, the licensee shall provide the consumer the opt out notice and a copy of the initial notice

(1) in writing; or

(2) electronically, if the consumer agrees to receive that information electronically.

(e) If two or more consumers jointly obtain an insurance product or service from a licensee,

(1) the licensee may provide a single opt out notice;

(2) the licensee shall provide an explanation in the opt out notice of how the licensee will treat a direction by a consumer to opt out;

(3) each consumer may individually opt out either by

(A) one consumer opting out as applying to all of the consumers who jointly obtain an insurance product or service from the licensee; or

(B) each consumer opting out as applying only to that consumer; and

(4) a licensee may not require all consumers to opt out before the licensee implements a direction by one consumer to opt out.

(f) If a consumer opts out, the licensee shall comply with the opt out direction as soon as reasonably practicable after the licensee receives the opt out direction from the consumer.

(g) A consumer may opt out of disclosure at any time.

(h) A consumer's opt out direction continues in effect unless revoked by the consumer

(1) in writing; or

(2) electronically, if the consumer agrees to receive information electronically;

(i) When a customer relationship terminates, the customer's opt out direction remains in effect for all nonpublic personal financial information that the licensee collected during or related to that customer relationship. The customer's former opt out direction does not apply to a new customer relationship established after termination of the previous customer relationship.

History: Eff. 1/1/2005, Register 172

Authority: AS 21.06.090

AS 21.36.162

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