Utah Admin. Code R590-206-5 - Required Initial Privacy Notice to Consumers
(1) A licensee shall provide a clear and
conspicuous notice that accurately reflects its privacy policies and practices
to:
(a) a customer, no later than when the
licensee establishes a customer relationship, except as provided in Subsection
(5); and
(b) a consumer, before a
licensee discloses any nonpublic personal financial information about the
consumer to any nonaffiliated third party if the licensee makes a disclosure
other than as authorized by Sections
R590-206-16 and
R590-206-17.
(2) A licensee is not required to provide an
initial notice to a consumer if:
(a) the
licensee does not disclose any nonpublic personal financial information about
the consumer to a nonaffiliated third party, other than as authorized by
Sections R590-206-16 and
R590-206-17, and the licensee
does not have a customer relationship with the consumer; or
(b) a notice has been provided by an
affiliated licensee, and the notice clearly identifies all licensees to whom
the notice applies and is accurate with respect to the licensee and the other
institutions.
(3) A
licensee establishes a customer relationship:
(a) at the time the licensee and the consumer
enter into a continuing relationship;
(b) when the consumer becomes a policyholder
following delivery of an insurance policy or contract to the consumer, or in
the case of a licensee that is an insurance producer or insurance broker,
obtains insurance through that licensee; or
(c) when the consumer agrees to obtain
financial, economic, or investment advisory services relating to an insurance
product or service for a fee.
(4)
(a)
When an existing customer obtains a new insurance product or service from a
licensee that is used primarily for personal, family, or household purposes,
the licensee satisfies the initial notice requirements if the licensee provides
a revised policy notice, under Section
R590-206-9, that covers the
customer's new insurance product or service.
(b) If the initial, revised, or annual notice
most recently provided to the customer was accurate with respect to the new
insurance product or service, a new privacy notice is not required.
(5) A licensee may provide the
initial notice required by Subsection (1)(a) within a reasonable time after the
licensee establishes a customer relationship if:
(a) establishing the customer relationship is
not at the customer's election, such as if a licensee acquires or is assigned a
customer's policy from another person and the customer does not have a choice
about the acquisition or assignment; or
(b) providing notice no later than when the
licensee establishes a customer relationship would substantially delay the
customer's transaction and the customer agrees to receive the notice
later.
(6)
(a) When a licensee is required to deliver an
initial privacy notice by this section, the licensee shall deliver it according
to Section R590-206-11.
(b) If a licensee uses a short-form initial
notice for a consumer according to Subsection
R590-206-7(4),
the licensee may deliver its privacy notice according to Subsection
R590-206-7(4)(c).
Notes
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