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Exception to notice and opt-out requirements for disclosure of personal financial information – Wis. Admin. Code Ins §25-55

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Exception to notice and opt-out requirements for disclosure of nonpublic personal financial information for processing and servicing transactions

The notice requirement in Wis. Admin. Code §Ins. 25.10 and opt-out requirements in Wis. Admin. Code §Ins. 25.17 and Wis. Admin. Code §Ins. 25.50 do not apply if an insurer discloses nonpublic personal financial information as “necessary to effect, to administer or enforce a transaction” that the consumer requests, or in any of the following circumstances:

  • Servicing or process an insurance product/service that the consumer requests;
  • Maintaining or servicing the consumer’s account with the insurer;
  • A proposed or actual securitization or other transaction;
  • Reinsurance, stop loss insurance or excess loss insurance.

The regulation further defines “necessary to effect, administer, or enforce a transaction” as disclosures that are:

  • Required to enforce the insurer’s rights or others’ rights in carrying out the financial transaction;
  • Required to accomplish the following:

o    To carry out the transaction or to service/maintain the customer’s account;

o    To administer or service benefits;

o    To provide a confirmation or record of the transaction or information on the value or status of an insurance product;

o    To accrue or recognize bonuses or incentives;

o    To underwrite insurance at the consumer’s request for account administration, fraud prevention, processing claims, and other activities;

For authorization, settlement, or billing of amounts charged; transfer of accounts; audit of debit/credit/payment information.


Current as of June 2015