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 Alaska Administrative Code (Last Updated: January 12, 2017)
 Title 3. Commerce, Community, and Economic Development.
 Part 3.1. Banking, Securities, Small Loans and Corporations.
 Chapter 3.26. Trade Practices.
 Article 3.26.1. Unfair Claims Settlement Acts or Practices.

  Section 3.26.610. Initial privacy notice to consumers.  

Latest version. 
  • 	(a)  A licensee shall provide a clear and conspicuous notice that accurately reflects the licensee's privacy policies and practices to a  
		(1) customer not later than when the licensee establishes a customer relationship, except as provided in (d) of this section; and  
		(2) consumer before the licensee discloses nonpublic personal financial information about the consumer to a nonaffiliated third party, unless the disclosure is authorized under 3 AAC 26.665 and 3 AAC 26.670.  
	(b)  A licensee is not required to provide an initial notice to a consumer under (a) of this section if the  
		(1) licensee does not disclose nonpublic personal financial information about the consumer to a nonaffiliated third party except as authorized under 3 AAC 26.665 and 3 AAC 26.670 and the licensee does not have a customer relationship with the consumer; or  
		(2) initial notice is provided under (a) of this section by an affiliate that is a licensee, and the notice  
			(A) identifies each licensee to whom the notice applies; and  
			(B) accurately states the privacy policies and practices of each licensee.  
	(c)  If an existing customer seeks to obtain or obtains a new insurance product or service that is to be used primarily for personal, family, or household purposes from a licensee, the licensee meets the requirements of (a) of this section if the  
		(1) licensee provides a revised policy notice in compliance with 3 AAC 26.630 covering the new insurance product or service; or  
		(2) most recent notice given to the customer by the licensee is accurate with respect to the new insurance product or service.  
	(d)  A licensee may provide the initial notice under (a)(1) of this section within a reasonable time after the licensee establishes a customer relationship if  
		(1) establishing the customer relationship is not at the customer's election, including when a licensee acquires or is assigned a customer's policy from another financial institution or residual market mechanism and the customer does not have a choice about the acquisition or assignment; or  
		(2) providing the notice not later than when the licensee establishes a customer relationship as required under (a)(1) of this section would substantially delay the customer's transaction and the customer agrees to receive the notice at a later time.

Authorities

21.06.090;21.36.510;01.05.031;21.36.162;44.62.125

Notes


Authority
AS 21.06.090 AS 21.36.510 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.36.162 as AS 21.36.510. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 26.610, so that the citation to former AS 21.36.162 now refers to the renumbered statute, AS 21.36.510.
History
Eff. 1/1/2005, Register 172

References

3.26.610