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(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.
History: Eff. 1/1/2005, Register 172
Authority: AS 21.06.090
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The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
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Last modified 7/05/2006