Senate Bill 1025 Summary

• Amends Michigan Insurance Code to expand protections for nonpublic personal financial information of insurance consumers, including age, sex, race, occupation, education, address, and vehicle information.

• Requires licensees to obtain prior written informed consent before disclosing nonpublic personal financial information to nonaffiliated third parties, with limited exceptions for disclosures required by law.

• Establishes mandatory privacy policies for licensees that must address collection, security, use, and release of nonpublic personal information, with specific contractual conditions for information sharing.

• Modifies notice requirements by eliminating separate initial, annual, and revised notices in favor of a single annual notice that must be provided in writing, electronically, or posted on websites depending on the type of transaction.

• Prohibits licensees from unfairly discriminating against consumers who withhold consent for disclosure of their nonpublic personal financial information.