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Can I ensure that my company is compliant with expanding privacy protections in Michigan? What are the requirements?

To ensure that your company is compliant with expanding privacy protections in Michigan, you must follow the requirements outlined in the Michigan Compiled Laws (MICL) 500.507, 500.509, and 500.519 [3.1][3.3][3.5].

MICL 500.507 requires that a licensee provides a clear and conspicuous notice that accurately reflects its privacy policies and practices to all customers. This notice must be provided at the time the licensee establishes a customer relationship, and annually thereafter. Additionally, a licensee must provide a revised privacy notice when an existing customer obtains a new insurance product or service that is to be used primarily for personal, family, or household purposes.

MICL 500.509 outlines the requirements for establishing a customer relationship and continuing relationship. A licensee establishes a customer relationship at the time the licensee and the consumer enter into a continuing relationship. A continuing relationship includes, but is not limited to, when the consumer receives the delivery of an insurance policy or contract.

MICL 500.519 requires that if a licensee is required to provide an opt-out notice under section 529, it shall provide a clear and conspicuous notice to each of its consumers that accurately explains the right to opt-out under that section. The notice shall state that the licensee discloses or reserves the right to disclose nonpublic personal financial information about its consumer to a nonaffiliated third party, that the consumer has the right to opt-out of that disclosure, and a reasonable means by which the consumer may exercise the opt-out right.

It is important to note that these are only some of the requirements outlined in the Michigan Compiled Laws. For a complete understanding of the requirements, it is recommended that you consult with a legal professional.

Source(s):
Jurisdiction

Michigan