Ill. Admin. Code tit. 50, § 4002.140 - Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information for Processing and Servicing Transactions
a) Exceptions for
processing transactions at consumer's request. The requirements for initial
notice in Section
4002.40(a)(2)
of this Part, the opt out in Sections
4002.70
and
4002.100
of this Part, and service providers and joint marketing in Section
4002.130
of this Part do not apply if the licensee discloses nonpublic personal
financial information as necessary to effect, administer or enforce a
transaction that a consumer requests or authorizes, or in connection with:
1) Servicing or processing an insurance
product or service that a consumer requests or authorizes;
2) Maintaining or servicing the consumer's
account with a licensee, or with another entity as part of a private label
credit card program or other extension of credit on behalf of such
entity;
3) A proposed or actual
securitization, secondary market sale (including sales of servicing rights) or
similar transaction related to a transaction of the consumer; or
4) Reinsurance or stop loss or excess loss
insurance.
b) For the
purposes of this Section the phrase "necessary to effect, administer or enforce
a transaction" means that the disclosure is:
1) Required, or is one of the lawful or
appropriate methods, to enforce the licensee's rights or the rights of other
persons engaged in carrying out the financial transaction or providing the
product or service; or
2) Required,
or is a usual, appropriate or acceptable method:
A) To carry out the transaction or the
product or service business of which the transaction is a part, and record,
service or maintain the consumer's account in the ordinary course of providing
the insurance product or service;
B) To administer or service benefits or
claims relating to the transaction or the product or service business of which
it is a part;
C) To provide a
confirmation, statement or other record of the transaction, or information on
the status or value of the insurance product or service to the consumer or the
consumer's agent or broker;
D) To
accrue or recognize incentives or bonuses associated with the transaction that
are provided by a licensee or any other party;
E) To underwrite insurance at the consumer's
request or for any of the following purposes as they relate to a consumer's
insurance:
i) Account
administration;
ii)
Reporting;
iii) Investigating or
preventing fraud or material misrepresentation;
iv) Processing premium payments;
v) Processing insurance claims;
vi) Administering insurance benefits
(including utilization review activities);
vii) Participating in research projects;
or
viii) As otherwise required or
specifically permitted by federal or State law; or
F) In connection with:
i) The authorization, settlement, billing,
processing, clearing, transferring, reconciling or collection of amounts
charged, debited or otherwise paid using a debit, credit or other payment card,
check or account number, or by other payment means;
ii) The transfer of receivables, accounts or
interests therein; or
iii) The
audit of debit, credit or other payment information.
Notes
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