New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 1 - INSURANCE GENERAL PROVISIONS › Part 3 - PRIVACY OF NONPUBLIC PERSONAL INFORMATION › Section 13.1.3.9 - ANNUAL PRIVACY NOTICE TO CUSTOMERS REQUIRED FOR NONPUBLIC PERSONAL FINANCIAL INFORMATION

Current through Register Vol. 35, No. 13, July 16, 2024
A.
General rule.
A licensee shall provide a clear and conspicuous
				notice to customers that accurately reflects its privacy policies and practices
				not less than annually during the continuation of the customer relationship.
				Annually means at least once in any period of 12 consecutive months during
				which that relationship exists. A licensee may define the 12 consecutive-month
				period, but the licensee shall apply it to the customer on a consistent basis.
Example:
A licensee provides a notice annually if it defines the
				12 consecutive-month period as a calendar year and provides the annual notice
				to the customer once in each calendar year following the calendar year in which
				the licensee provided the initial notice. For example, if a customer opens an
				account on any day of year one the licensee shall provide an annual notice to
				that customer by December 31 of year two.
B.
Exception to the general
				rule.
A licensee that provides nonpublic personal information in
				accordance with Sections
				13.1.3.17
				NMAC,
				13.1.3.18
				NMAC, and
				13.1.3.19
				NMAC and has not changed its policies and practices with regard to disclosing
				nonpublic personal information from the policies and practices that were
				disclosed in the most recent notice sent to consumers in accordance with
				13.1.3.8
				NMAC shall not be required to provide a subsequent annual notice under this
				section until such time as the licensee fails to comply with any criteria
				described in this subsection. Notice of a change in a licensee's privacy policy
				shall be sent 90 days after the effective date of the change.
C.
Termination of customer
				relationship.
A licensee is not required to provide a privacy notice to
				a former customer. A former customer is an individual with whom a licensee no
				longer has a continuing relationship.
Examples:
(1) A licensee no longer has a continuing
				relationship with an individual if the individual no longer is a current
				policyholder of an insurance product or no longer obtains insurance services
				with or through the licensee.
(2) A
				licensee no longer has a continuing relationship with an individual if the
				individual's policy is lapsed, expired or otherwise inactive or dormant under
				the licensee's business practices, and the licensee has not communicated with
				the customer about the relationship for a period of 12 consecutive months,
				other than to provide privacy notices, material required by law or rule, or
				promotional materials.
(3) For the
				purposes of this rule, a licensee no longer has a continuing relationship with
				an individual if the individual's last known address according to the
				licensee's records is deemed invalid. An address of record is deemed invalid if
				mail sent to that address by the licensee has been returned by the postal
				authorities as undeliverable and if subsequent attempts by the licensee to
				obtain a current valid address for the individual have been
				unsuccessful.
(4) A licensee no
				longer has a continuing relationship with a customer in the case of providing
				real estate settlement services, at the time the customer completes execution
				of all documents related to the real estate closing, payment for those services
				has been received, or the licensee has completed all of its responsibilities
				with respect to the settlement, including filing documents on the public
				record, whichever is later.