Insurance: privacy notices and personal information.

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 state that an insurance institution or agent is in compliance with this requirement if specified criteria are met, including informing the consumer of the right to submit a written request to access, correct, amend, or delete their personal information. The bill would authorize the notice to be combined with the notice provided in connection with specified insurance transactions.