Or. Admin. Code § 836-080-0645 - Annual Notice
(1) The personal
information to which a licensee must refer in the annual notice need include
only personal financial information. A licensee provides the notice annually if
it defines the 12-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) 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. The following are examples in which a continuing
relationship no longer exists:
(a) 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
services with or through the licensee.
(b) 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 12 consecutive months, other than to provide annual privacy
notices, material required by law or regulation or promotional
materials.
(c) 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.
(3) When a
licensee is required by this rule to deliver an annual privacy notice, the
licensee shall deliver it according to OAR
836-080-0660.
Notes
Stat. Auth.: ORS 731.244 & 746.608
Stats. Implemented: ORS 746.600 & 746.607
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