Florida Regulations 69O-128.016: Other Exceptions to Notice and Opt Out Requirements for Disclosure of Nonpublic Personal Financial Information
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(1) Exceptions to opt out requirements. The requirements for initial notice to consumers in Fl. Admin. Code R. 69O-128.005(1)(b), the opt out in Rules 69O-128.008 and 69O-128.011, F.A.C., and service providers and joint marketing in Fl. Admin. Code R. 69O-128.014, do not apply when a licensee discloses nonpublic personal financial information:
(a) With the consent or at the direction of the consumer, provided that the consumer has not revoked the consent or direction;
(b)1. To protect the confidentiality or security of a licensee’s records pertaining to the consumer, service, product or transaction;
2. To protect against or prevent actual or potential fraud or unauthorized transactions;
3. For required institutional risk control or for resolving consumer disputes or inquiries;
4. To persons holding a legal or beneficial interest relating to the consumer; or
5. To persons acting in a fiduciary or representative capacity on behalf of the consumer;
(c) To provide information to insurance rate advisory organizations, guaranty funds or agencies, agencies that are rating a licensee, persons that are assessing the licensee’s compliance with industry standards, and the licensee’s attorneys, accountants and auditors;
(d) To the extent specifically permitted or required under other provisions of law and in accordance with the federal Right to Financial Privacy Act of 1978 (12 U.S.C. § 3401 et seq.), to law enforcement agencies (including the Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision, National Credit Union Administration, the Securities and Exchange Commission, the Secretary of the Treasury, with respect to 31 U.S.C. Chapter 53, Subchapter II (Records and Reports on Monetary Instruments and Transactions) and 12 U.S.C. Chapter 21 (Financial Record keeping), a state insurance authority, and the Federal Trade Commission), self-regulatory organizations or for an investigation on a matter related to public safety;
(e)1. To a consumer reporting agency in accordance with the federal Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.); or
2. From a consumer report reported by a consumer reporting agency;
(f) In connection with a proposed or actual sale, merger, transfer or exchange of all or a portion of a business or operating unit if the disclosure of nonpublic personal financial information concerns solely consumers of the business or unit;
(g)1. To comply with federal, state or local laws, rules and other applicable legal requirements;
2. To comply with a properly authorized civil, criminal or regulatory investigation, or subpoena or summons by federal, state or local authorities; or
3. To respond to judicial process or government regulatory authorities having jurisdiction over a licensee for examination, compliance, or other purposes as authorized by law;
(h) For purposes related to the replacement of a group benefit plan, a group health plan, a group welfare plan or a workers’ compensation plan; or
(i) Pursuant to the provisions of Florida Statutes Chapter 631, the Office is required to collect on reinsurance policies, pay claims, transfer policies to other insurers, and engage in similar activities with respect to insurers which are in receivership. In connection with the performance of its statutory obligations, the Office often must disclose insureds’ non-public personal information to third parties. The disclosure of such information by the Office is considered to be required by law, and Office is therefore not subject to the requirements of this rule in connection with the disclosure of personal financial information incident to the performance of activities under Florida Statutes Chapter 631
(2) Example of revocation of consent. A consumer may revoke consent by subsequently exercising the right to opt out of future disclosures of nonpublic personal information as permitted under subsection 69O-128.008(6), F.A.C.
Rulemaking Authority 624.308, 626.9651 FS. Law Implemented 624.307(1), 626.9651 FS. History-New 12-16-01, Formerly 4-128.016.
Terms Used In Florida Regulations 69O-128.016
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Fraud: Intentional deception resulting in injury to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Subpoena: A command to a witness to appear and give testimony.
- Summons: Another word for subpoena used by the criminal justice system.
(b)1. To protect the confidentiality or security of a licensee’s records pertaining to the consumer, service, product or transaction;
2. To protect against or prevent actual or potential fraud or unauthorized transactions;
3. For required institutional risk control or for resolving consumer disputes or inquiries;
4. To persons holding a legal or beneficial interest relating to the consumer; or
5. To persons acting in a fiduciary or representative capacity on behalf of the consumer;
(c) To provide information to insurance rate advisory organizations, guaranty funds or agencies, agencies that are rating a licensee, persons that are assessing the licensee’s compliance with industry standards, and the licensee’s attorneys, accountants and auditors;
(d) To the extent specifically permitted or required under other provisions of law and in accordance with the federal Right to Financial Privacy Act of 1978 (12 U.S.C. § 3401 et seq.), to law enforcement agencies (including the Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision, National Credit Union Administration, the Securities and Exchange Commission, the Secretary of the Treasury, with respect to 31 U.S.C. Chapter 53, Subchapter II (Records and Reports on Monetary Instruments and Transactions) and 12 U.S.C. Chapter 21 (Financial Record keeping), a state insurance authority, and the Federal Trade Commission), self-regulatory organizations or for an investigation on a matter related to public safety;
(e)1. To a consumer reporting agency in accordance with the federal Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.); or
2. From a consumer report reported by a consumer reporting agency;
(f) In connection with a proposed or actual sale, merger, transfer or exchange of all or a portion of a business or operating unit if the disclosure of nonpublic personal financial information concerns solely consumers of the business or unit;
(g)1. To comply with federal, state or local laws, rules and other applicable legal requirements;
2. To comply with a properly authorized civil, criminal or regulatory investigation, or subpoena or summons by federal, state or local authorities; or
3. To respond to judicial process or government regulatory authorities having jurisdiction over a licensee for examination, compliance, or other purposes as authorized by law;
(h) For purposes related to the replacement of a group benefit plan, a group health plan, a group welfare plan or a workers’ compensation plan; or
(i) Pursuant to the provisions of Florida Statutes Chapter 631, the Office is required to collect on reinsurance policies, pay claims, transfer policies to other insurers, and engage in similar activities with respect to insurers which are in receivership. In connection with the performance of its statutory obligations, the Office often must disclose insureds’ non-public personal information to third parties. The disclosure of such information by the Office is considered to be required by law, and Office is therefore not subject to the requirements of this rule in connection with the disclosure of personal financial information incident to the performance of activities under Florida Statutes Chapter 631
(2) Example of revocation of consent. A consumer may revoke consent by subsequently exercising the right to opt out of future disclosures of nonpublic personal information as permitted under subsection 69O-128.008(6), F.A.C.
Rulemaking Authority 624.308, 626.9651 FS. Law Implemented 624.307(1), 626.9651 FS. History-New 12-16-01, Formerly 4-128.016.