Insurance: privacy notices.

Existing law, the Insurance Information and Privacy Protection Act, establishes privacy standards for the collection, use, and disclosure of information gathered in connection with insurance transactions by insurance institutions, agents, and insurance-support organizations. The act requires an insurance institution or agent to provide a notice of information to applicants and policyholders in connection with specified insurance transactions. Existing regulations require an insurance licensee to annually provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices. This bill would codify the requirement to annually provide a clear and conspicuous privacy notice to customers. The bill would exempt an insurance institution or agent from providing that required notice if specified criteria are met. The bill would authorize the notice to be combined with the notice provided in connection with specified insurance transactions.