HB 5274 Summary

• Requires licensees (insurers and producers) to obtain prior written informed consent before disclosing nonpublic personal financial information to any person, except when disclosure is necessary or required by law.

• Mandates licensees use reasonable care to secure nonpublic personal financial information from unauthorized access and establish public policies regarding privacy protection and confidentiality.

• Requires licensees to provide annual privacy notices to consumers in writing or electronically (if agreed), delivered by hand, mail, or posted on websites with acknowledgment requirements.

• Prohibits licensees from unfairly discriminating against consumers who do not consent to disclosure of their nonpublic personal financial information.

• Repeals 15 existing sections of the insurance code addressing initial notices, revised notices, opt-out provisions, and disclosure exceptions that previously governed information sharing practices.