 |
Oklahoma Administrative Code (Last Updated: March 11, 2021) |
 |
TITLE 365. Insurance Department |
|
Chapter 35. Privacy |
|
Subchapter 1. Privacy of Consumer Financial and Health Information Regulation |
|
Part 7. EXCEPTIONS TO LIMITS ON DISCLOSURES OF FINANCIAL INFORMATION |
SECTION 365:35-1-30. Exception to opt out requirements for disclosure of nonpublic personal financial information for service providers and joint marketing
Latest version.
- (1) The opt out requirements in Sections 365:35-1-13 and 365:35-1-20 do not apply when a licensee provides nonpublic personal financial information to a nonaffiliated third party to perform services for the licensee or functions on the licensee's behalf, if the licensee:(A) Provides the initial notice in accordance with Section 365:35-1-10; and(B) Enters into a contractual agreement with the third party that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the licensee disclosed the information, including use under an exception in Sections 365:35-1-31 or 32 in the ordinary course of business to carry out those purposes.(2) An example is as follows: If a licensee discloses nonpublic personal financial information under this section to a financial institution with which the licensee performs joint marketing, the licensee's contractual agreement with that institution meets the requirements of Subparagraph (1)(B) of this subsection if it prohibits the institution from disclosing or using the nonpublic personal financial information except as necessary to carry out the joint marketing or under an exception in Sections 365:35-1-31 or 32 in the ordinary course of business to carry out that joint marketing.(b) Service may include joint marketing. The services a nonaffiliated third party performs for a licensee under Subsection (a) of this section may include marketing of the licensee's own products or services or marketing of financial products or services offered pursuant to joint agreements between the licensee and one or more financial institutions.(c) Definition of "joint agreement. " For purposes of this section, "joint agreement" means a written contract pursuant to which a licensee and one or more financial institutions jointly offer, endorse or sponsor a financial product or service.