§ 38.2-604.1. Notice of financial information collection and disclosurepractices.
A. An insurance institution or agent shall provide clear and conspicuousnotice of financial information collection and disclosure practices inconnection with insurance transactions as required by subsection B of thissection:
1. To an applicant before any financial information is disclosed about thatapplicant to any nonaffiliated third party, if the disclosure is made otherthan as permitted under § 38.2-613. For purposes of this subdivision, anotice provided to an employer benefit plan sponsor, group or blanketinsurance contract holder, or group annuity contract holder shall satisfy thenotice requirements of this subdivision for applicants of such plan, policy,or annuity, provided the insurance institution or agent does not disclose thefinancial information of those applicants to a nonaffiliated third party,other than as permitted under § 38.2-613;
2. To a policyholder no later than delivery or issuance of the policy or anyother evidence of coverage, or at the later of these events. For purposes ofthis subdivision, a notice provided to an employee benefit plan sponsor,group or blanket insurance contract holder, or group annuity contract holdershall satisfy the notice requirements of this subdivision for persons coveredunder such plans, policies, or annuities, provided the insurance institutionor agent does not disclose the financial information of those persons to anonaffiliated third party, other than as permitted under § 38.2-613; and
3. To a policyholder, other than a policyholder of a title insurance policy,not less than once in each calendar year. A notice provided to the sponsor ofan employee benefit plan or the owner of a group or blanket insurance policyor group annuity contract shall satisfy the notice requirements of thissubdivision for persons covered under such plan, policy or contract. Forpurposes of this subdivision only, "policyholder" does not include a personwho owns a policy that is lapsed, expired or otherwise inactive or dormantunder the insurance institution's business practices, and with whom theinsurance institution has not communicated about the relationship for aperiod of 12 consecutive months, other than annual privacy notices, materialrequired by law or regulation, communication at the direction of a state orfederal authority, or promotional materials.
B. Any notice required by subsection A of this section shall be in writingor, if the applicant or policyholder agrees, in electronic format, and shallstate:
1. The types of financial information that may be collected;
2. The types of financial information that may be disclosed;
3. The categories of persons to whom financial information may be disclosed;however, when disclosures are made pursuant to subsection B of § 38.2-613,the notice is only required to state that disclosures may be made withoutprior authorization as permitted by law;
4. If financial information is disclosed pursuant to subdivision C 1 of §38.2-613, the types of financial information that may be disclosed and thecategories of nonaffiliated third parties to whom financial information maybe disclosed by contractual agreement;
5. An explanation of the right to direct that financial information not bedisclosed to nonaffiliated third parties as provided in § 38.2-612.1,provided that this explanation shall not be required to be given wheninformation is disclosed pursuant to the provisions of § 38.2-613;
6. A description of the policies and practices for protecting theconfidentiality and security of financial information;
7. The disclosure required, if any, under Section 603 (d) (2) (A) (iii) ofthe federal Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.) pertainingto the notices regarding the ability to opt out of disclosure of informationamong affiliates; and
8. A description of the types of financial information about formerpolicyholders that may be disclosed and a description of the types ofaffiliates and nonaffiliated third parties to whom financial informationabout former policyholders may be disclosed; however, when disclosures aremade pursuant to subsection B of § 38.2-613, the notice is only required tostate that disclosures may be made without prior authorization as permittedby law.
C. An insurance institution or agent that does not disclose, and does notwish to reserve the right to disclose, financial information aboutpolicyholders or former policyholders to affiliates or nonaffiliated thirdparties except as authorized in subsection B of § 38.2-613 may satisfy therequirements of this section by providing a notice, as set forth insubdivisions A 2 and A 3 of this section, that:
1. States the foregoing information regarding such insurance institution oragent;
2. Includes the information described in subdivisions B 1 and B 6 of thissection; and
3. States that the insurance institution or agent makes disclosures to otheraffiliated or nonaffiliated third parties, as applicable, as permitted by law.
D. An insurance institution or agent may satisfy the notice requirements ofsubdivision A 1 of this section by providing a short form notice at the sametime that the insurance institution or agent delivers an opt out notice asrequired by § 38.2-612.1. Such a short form notice shall: (i) be clear andconspicuous; (ii) state that the notice prescribed in subsection B of thissection is available upon request; (iii) explain a reasonable means by whichthe applicant may obtain that notice; and (iv) be in writing or, if theapplicant agrees, in electronic format. The insurance institution or agent isnot required to deliver the notice prescribed in subsection B of this sectionwith its short form notice, provided the insurance institution or agentprovides the applicant with a reasonable means to obtain such notice.
E. The obligations imposed by this section upon an insurance institution oragent may be satisfied by another insurance institution or agent authorizedto act on its behalf. An insurance institution may provide a joint noticefrom the insurance institution and one or more of its affiliates or otherfinancial institutions, as identified in the notice, if the notice isaccurate with respect to the insurance institution and the other institutions.
F. An insurance institution or agent, prior to disclosing financialinformation to a nonaffiliated third party other than as described in thenotice prescribed in subsection B of this section, shall send a revisednotice that accurately describes its information collection and disclosurepractices. Such notice shall comply with the provisions of subsection B ofthis section.
G. An insurance institution or agent may satisfy the notice requirements of §38.2-604 and this section through the use of separate notices or a combinednotice.
H. An insurance agent shall not be subject to the requirements of thissection in any instance where the insurance institution on whose behalf theagent is acting otherwise complies with the requirements contained herein,and the agent does not disclose any financial information to any person otherthan the insurance institution or its affiliates, or as permitted by §38.2-613.
I. An insurance agent seeking to place coverage on behalf of a currentpolicyholder shall be deemed to be in compliance with the requirements ofthis section in any instance where the agent has provided the notice requiredby this section within the previous 12 months.
§ 38.2-604.1. Notice of financial information collection and disclosurepractices.
A. An insurance institution or agent shall provide clear and conspicuousnotice of financial information collection and disclosure practices inconnection with insurance transactions as required by subsection B of thissection:
1. To an applicant before any financial information is disclosed about thatapplicant to any nonaffiliated third party, if the disclosure is made otherthan as permitted under § 38.2-613. For purposes of this subdivision, anotice provided to an employer benefit plan sponsor, group or blanketinsurance contract holder, or group annuity contract holder shall satisfy thenotice requirements of this subdivision for applicants of such plan, policy,or annuity, provided the insurance institution or agent does not disclose thefinancial information of those applicants to a nonaffiliated third party,other than as permitted under § 38.2-613;
2. To a policyholder no later than delivery or issuance of the policy or anyother evidence of coverage, or at the later of these events. For purposes ofthis subdivision, a notice provided to an employee benefit plan sponsor,group or blanket insurance contract holder, or group annuity contract holdershall satisfy the notice requirements of this subdivision for persons coveredunder such plans, policies, or annuities, provided the insurance institutionor agent does not disclose the financial information of those persons to anonaffiliated third party, other than as permitted under § 38.2-613; and
3. To a policyholder, other than a policyholder of a title insurance policy,not less than once in each calendar year. A notice provided to the sponsor ofan employee benefit plan or the owner of a group or blanket insurance policyor group annuity contract shall satisfy the notice requirements of thissubdivision for persons covered under such plan, policy or contract. Forpurposes of this subdivision only, "policyholder" does not include a personwho owns a policy that is lapsed, expired or otherwise inactive or dormantunder the insurance institution's business practices, and with whom theinsurance institution has not communicated about the relationship for aperiod of 12 consecutive months, other than annual privacy notices, materialrequired by law or regulation, communication at the direction of a state orfederal authority, or promotional materials.
B. Any notice required by subsection A of this section shall be in writingor, if the applicant or policyholder agrees, in electronic format, and shallstate:
1. The types of financial information that may be collected;
2. The types of financial information that may be disclosed;
3. The categories of persons to whom financial information may be disclosed;however, when disclosures are made pursuant to subsection B of § 38.2-613,the notice is only required to state that disclosures may be made withoutprior authorization as permitted by law;
4. If financial information is disclosed pursuant to subdivision C 1 of §38.2-613, the types of financial information that may be disclosed and thecategories of nonaffiliated third parties to whom financial information maybe disclosed by contractual agreement;
5. An explanation of the right to direct that financial information not bedisclosed to nonaffiliated third parties as provided in § 38.2-612.1,provided that this explanation shall not be required to be given wheninformation is disclosed pursuant to the provisions of § 38.2-613;
6. A description of the policies and practices for protecting theconfidentiality and security of financial information;
7. The disclosure required, if any, under Section 603 (d) (2) (A) (iii) ofthe federal Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.) pertainingto the notices regarding the ability to opt out of disclosure of informationamong affiliates; and
8. A description of the types of financial information about formerpolicyholders that may be disclosed and a description of the types ofaffiliates and nonaffiliated third parties to whom financial informationabout former policyholders may be disclosed; however, when disclosures aremade pursuant to subsection B of § 38.2-613, the notice is only required tostate that disclosures may be made without prior authorization as permittedby law.
C. An insurance institution or agent that does not disclose, and does notwish to reserve the right to disclose, financial information aboutpolicyholders or former policyholders to affiliates or nonaffiliated thirdparties except as authorized in subsection B of § 38.2-613 may satisfy therequirements of this section by providing a notice, as set forth insubdivisions A 2 and A 3 of this section, that:
1. States the foregoing information regarding such insurance institution oragent;
2. Includes the information described in subdivisions B 1 and B 6 of thissection; and
3. States that the insurance institution or agent makes disclosures to otheraffiliated or nonaffiliated third parties, as applicable, as permitted by law.
D. An insurance institution or agent may satisfy the notice requirements ofsubdivision A 1 of this section by providing a short form notice at the sametime that the insurance institution or agent delivers an opt out notice asrequired by § 38.2-612.1. Such a short form notice shall: (i) be clear andconspicuous; (ii) state that the notice prescribed in subsection B of thissection is available upon request; (iii) explain a reasonable means by whichthe applicant may obtain that notice; and (iv) be in writing or, if theapplicant agrees, in electronic format. The insurance institution or agent isnot required to deliver the notice prescribed in subsection B of this sectionwith its short form notice, provided the insurance institution or agentprovides the applicant with a reasonable means to obtain such notice.
E. The obligations imposed by this section upon an insurance institution oragent may be satisfied by another insurance institution or agent authorizedto act on its behalf. An insurance institution may provide a joint noticefrom the insurance institution and one or more of its affiliates or otherfinancial institutions, as identified in the notice, if the notice isaccurate with respect to the insurance institution and the other institutions.
F. An insurance institution or agent, prior to disclosing financialinformation to a nonaffiliated third party other than as described in thenotice prescribed in subsection B of this section, shall send a revisednotice that accurately describes its information collection and disclosurepractices. Such notice shall comply with the provisions of subsection B ofthis section.
G. An insurance institution or agent may satisfy the notice requirements of §38.2-604 and this section through the use of separate notices or a combinednotice.
H. An insurance agent shall not be subject to the requirements of thissection in any instance where the insurance institution on whose behalf theagent is acting otherwise complies with the requirements contained herein,and the agent does not disclose any financial information to any person otherthan the insurance institution or its affiliates, or as permitted by §38.2-613.
I. An insurance agent seeking to place coverage on behalf of a currentpolicyholder shall be deemed to be in compliance with the requirements ofthis section in any instance where the agent has provided the notice requiredby this section within the previous 12 months.
§ 38.2-604.1. Notice of financial information collection and disclosurepractices.
A. An insurance institution or agent shall provide clear and conspicuousnotice of financial information collection and disclosure practices inconnection with insurance transactions as required by subsection B of thissection:
1. To an applicant before any financial information is disclosed about thatapplicant to any nonaffiliated third party, if the disclosure is made otherthan as permitted under § 38.2-613. For purposes of this subdivision, anotice provided to an employer benefit plan sponsor, group or blanketinsurance contract holder, or group annuity contract holder shall satisfy thenotice requirements of this subdivision for applicants of such plan, policy,or annuity, provided the insurance institution or agent does not disclose thefinancial information of those applicants to a nonaffiliated third party,other than as permitted under § 38.2-613;
2. To a policyholder no later than delivery or issuance of the policy or anyother evidence of coverage, or at the later of these events. For purposes ofthis subdivision, a notice provided to an employee benefit plan sponsor,group or blanket insurance contract holder, or group annuity contract holdershall satisfy the notice requirements of this subdivision for persons coveredunder such plans, policies, or annuities, provided the insurance institutionor agent does not disclose the financial information of those persons to anonaffiliated third party, other than as permitted under § 38.2-613; and
3. To a policyholder, other than a policyholder of a title insurance policy,not less than once in each calendar year. A notice provided to the sponsor ofan employee benefit plan or the owner of a group or blanket insurance policyor group annuity contract shall satisfy the notice requirements of thissubdivision for persons covered under such plan, policy or contract. Forpurposes of this subdivision only, "policyholder" does not include a personwho owns a policy that is lapsed, expired or otherwise inactive or dormantunder the insurance institution's business practices, and with whom theinsurance institution has not communicated about the relationship for aperiod of 12 consecutive months, other than annual privacy notices, materialrequired by law or regulation, communication at the direction of a state orfederal authority, or promotional materials.
B. Any notice required by subsection A of this section shall be in writingor, if the applicant or policyholder agrees, in electronic format, and shallstate:
1. The types of financial information that may be collected;
2. The types of financial information that may be disclosed;
3. The categories of persons to whom financial information may be disclosed;however, when disclosures are made pursuant to subsection B of § 38.2-613,the notice is only required to state that disclosures may be made withoutprior authorization as permitted by law;
4. If financial information is disclosed pursuant to subdivision C 1 of §38.2-613, the types of financial information that may be disclosed and thecategories of nonaffiliated third parties to whom financial information maybe disclosed by contractual agreement;
5. An explanation of the right to direct that financial information not bedisclosed to nonaffiliated third parties as provided in § 38.2-612.1,provided that this explanation shall not be required to be given wheninformation is disclosed pursuant to the provisions of § 38.2-613;
6. A description of the policies and practices for protecting theconfidentiality and security of financial information;
7. The disclosure required, if any, under Section 603 (d) (2) (A) (iii) ofthe federal Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.) pertainingto the notices regarding the ability to opt out of disclosure of informationamong affiliates; and
8. A description of the types of financial information about formerpolicyholders that may be disclosed and a description of the types ofaffiliates and nonaffiliated third parties to whom financial informationabout former policyholders may be disclosed; however, when disclosures aremade pursuant to subsection B of § 38.2-613, the notice is only required tostate that disclosures may be made without prior authorization as permittedby law.
C. An insurance institution or agent that does not disclose, and does notwish to reserve the right to disclose, financial information aboutpolicyholders or former policyholders to affiliates or nonaffiliated thirdparties except as authorized in subsection B of § 38.2-613 may satisfy therequirements of this section by providing a notice, as set forth insubdivisions A 2 and A 3 of this section, that:
1. States the foregoing information regarding such insurance institution oragent;
2. Includes the information described in subdivisions B 1 and B 6 of thissection; and
3. States that the insurance institution or agent makes disclosures to otheraffiliated or nonaffiliated third parties, as applicable, as permitted by law.
D. An insurance institution or agent may satisfy the notice requirements ofsubdivision A 1 of this section by providing a short form notice at the sametime that the insurance institution or agent delivers an opt out notice asrequired by § 38.2-612.1. Such a short form notice shall: (i) be clear andconspicuous; (ii) state that the notice prescribed in subsection B of thissection is available upon request; (iii) explain a reasonable means by whichthe applicant may obtain that notice; and (iv) be in writing or, if theapplicant agrees, in electronic format. The insurance institution or agent isnot required to deliver the notice prescribed in subsection B of this sectionwith its short form notice, provided the insurance institution or agentprovides the applicant with a reasonable means to obtain such notice.
E. The obligations imposed by this section upon an insurance institution oragent may be satisfied by another insurance institution or agent authorizedto act on its behalf. An insurance institution may provide a joint noticefrom the insurance institution and one or more of its affiliates or otherfinancial institutions, as identified in the notice, if the notice isaccurate with respect to the insurance institution and the other institutions.
F. An insurance institution or agent, prior to disclosing financialinformation to a nonaffiliated third party other than as described in thenotice prescribed in subsection B of this section, shall send a revisednotice that accurately describes its information collection and disclosurepractices. Such notice shall comply with the provisions of subsection B ofthis section.
G. An insurance institution or agent may satisfy the notice requirements of §38.2-604 and this section through the use of separate notices or a combinednotice.
H. An insurance agent shall not be subject to the requirements of thissection in any instance where the insurance institution on whose behalf theagent is acting otherwise complies with the requirements contained herein,and the agent does not disclose any financial information to any person otherthan the insurance institution or its affiliates, or as permitted by §38.2-613.
I. An insurance agent seeking to place coverage on behalf of a currentpolicyholder shall be deemed to be in compliance with the requirements ofthis section in any instance where the agent has provided the notice requiredby this section within the previous 12 months.
