Ins 25.10(2)(b)(b) An affiliated licensee has provided a notice, as long as the notice clearly identifies all licensees to whom the notice applies and is accurate with respect to the licensee and the other institutions.
Ins 25.10(3)(3)When the licensee establishes a customer relationship.
Ins 25.10(3)(a)(a) General rule. A licensee establishes a customer relationship at the time the licensee and the consumer enter into a continuing relationship.
Ins 25.10(3)(b)(b) Examples of establishing customer relationship. A licensee establishes a customer relationship when the consumer does any of the following:
Ins 25.10(3)(b)1.1. Becomes a policyholder of a licensee that is an insurer when the insurer delivers an insurance policy or contract to the consumer, or in the case of a licensee that is an intermediary who is not acting as agent for an insurer licensee, obtains insurance through that licensee. A licensee does not establish a customer relationship due to issuance of a binder of coverage until the policy is issued, if the licensee allows the consumer to request delivery of the initial notice required under sub. (1) (a) and the licensee delivers the initial notice within a reasonable time after the licensee receives such a request.
Ins 25.10(3)(b)2.2. Agrees to obtain financial, economic or investment advisory services relating to insurance products or services for a fee from the licensee.
Ins 25.10(4)(4)Existing customers. When an existing customer obtains a new insurance product or service from a licensee that is to be used primarily for personal, family or household purposes, the licensee satisfies the initial notice requirements of sub. (1) if any of the following conditions are met:
Ins 25.10(4)(a)(a) The licensee may provide a revised policy notice, under s. Ins 25.20, that covers the customer’s new insurance product or service.
Ins 25.10(4)(b)(b) If the initial, revised or annual notice that the licensee most recently provided to that customer was accurate with respect to the new insurance product or service, the licensee does not need to provide a new privacy notice under sub. (1).
Ins 25.10(5)(5)Exceptions to allow subsequent delivery of notice.
Ins 25.10(5)(a)(a) A licensee may provide the initial notice required by sub. (1) (a) within a reasonable time after the licensee establishes a customer relationship if any of the following conditions exist:
Ins 25.10(5)(a)1.1. Establishing the customer relationship is not at the customer’s election.
Ins 25.10(5)(a)2.2. Providing notice not later than when the licensee establishes a customer relationship would substantially delay the customer’s transaction and the customer agrees to receive the notice at a later time.
Ins 25.10(5)(b)(b) The following are examples of when exceptions may or may not apply:
Ins 25.10(5)(b)1.1. Establishing a customer relationship is not at the customer’s election if 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 licensee’s acquisition or assignment.
Ins 25.10(5)(b)2.2. Providing notice not later than when a licensee establishes a customer relationship would substantially delay the customer’s transaction when the licensee and the individual agree over the telephone to enter into a customer relationship involving prompt delivery of the insurance product or service.
Ins 25.10(5)(b)3.3. Providing notice not later than when a licensee establishes a customer relationship would not substantially delay the customer’s transaction when the relationship is initiated in person at the licensee’s office or through other means by which the customer may view the notice, such as on a web site.
Ins 25.10(6)(6)Delivery. When a licensee is required to deliver an initial privacy notice by this section, the licensee shall deliver it according to s. Ins 25.25. If the licensee uses a short-form initial notice for non-customers according to s. Ins 25.15 (4), the licensee may deliver its privacy notice according to s. Ins 25.15 (4) (c).
Ins 25.10 HistoryHistory: Cr. Register, June, 2001, No. 546, eff. 7-1-01.
Ins 25.13Ins 25.13Annual privacy notice to customers required.
Ins 25.13(1)(1)Annual notice.
Ins 25.13(1)(a)(a) General rule. A licensee shall provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices with regard to nonpublic personal financial information not less than annually during the continuation of the customer relationship. Annually means at least once in any period of twelve consecutive months during which that relationship exists. A licensee may define the twelve consecutive-month period, but the licensee shall apply it to the customer on a consistent basis.
Ins 25.13(1)(b)(b) Example. A licensee provides a notice annually if it defines the twelve 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.
Ins 25.13(2)(2)Terminated customer.
Ins 25.13(2)(a)(a) 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.
Ins 25.13(2)(b)(b) Examples. The following are examples of the termination of a customer relationship:
Ins 25.13(2)(b)1.1. 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 insurance services with or through the licensee.
Ins 25.13(2)(b)2.2. 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 twelve consecutive months, other than to provide annual privacy notices, material required by law or regulation, or promotional materials.
Ins 25.13(2)(b)3.3. For the purposes of this chapter, 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.