My company hires insurance agents to service transactions and perform services on our behalf. Can we disclose nonpublic personal financial information to such agents?
Yes. A company can share nonpublic personal financial information with service providers for a variety of purposes regardless of whether a consumer or customer opts out of the disclosure of that information. Section 146a.32 of the regulation specifically permits companies to share nonpublic personal financial information with third parties to enable them to perform services for the company or functions on the company’s behalf. The only requirements are the company must provide an initial notice to the individual; and the company must enter into a written agreement with the third party prohibiting the third party from using or disclosing other than to carry out the purposes for which the information was disclosed and pursuant to the exceptions in the rule.
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