§ 7810 — Privacy

§ 7810. Privacy. (a) Except as otherwise permitted or required by law,\nno life settlement provider, life settlement broker, or life settlement\nintermediary, or any authorized representative thereof, insurer,\ninformation bureau, rating agency or company, or any other person with\nactual knowledge of an insured or owner's identity, shall disclose the\nidentity of the insured or owner, or any information that there is a\nreasonable basis to believe could be used to identify the insured or\nowner, or the insured's financial or medical information, to any person\nunless the disclosure is:\n (1) necessary to effect a life settlement contract between the owner\nand a life settlement provider and the owner and insured have provided\nprior written consent to the disclosure;\n (2) necessary to effectuate the sale or transfer of a life settlement\ncontract or a settled policy, or interest therein, provided that every\nsale is conducted in accordance with applicable state and federal law\nand provided further that the owner and the insured have both provided\nprior written consent to the disclosure;\n (3) provided in response to an investigation or examination by the\nsuperintendent, any other governmental officer or agency, or a\nself-regulating entity established pursuant to federal securities law;\n (4) a term or condition to the transfer of a policy by one licensed\nlife settlement provider to another licensed life settlement provider,\nin which case the receiving life settlement provider shall be required\nto comply with the confidentiality requirements of this section;\n (5) necessary to allow the life settlement provider or life settlement\nbroker, or any authorized representative thereof to administer the\ninsurance policy, or to make contacts for the purpose of determining\nhealth status as authorized by subsection (k) of section seven thousand\neight hundred thirteen of this article. For the purposes of this\narticle, the term "authorized representative" shall not include any\nperson who has or may have any financial interest in the life settlement\ncontract other than a licensed life settlement provider, licensed life\nsettlement broker, financing entity, related provider trust or special\npurpose entity; further, a life settlement provider or life settlement\nbroker shall require its authorized representative to agree in writing\nto adhere to the privacy provisions of this article;\n (6) required to purchase insurance; or\n (7) otherwise permitted by regulation promulgated by the\nsuperintendent.\n (b) Any person who obtains or may obtain a settled policy, or any\ninterest therein, pursuant to a transfer, sale, conveyance or assignment\nof a settled policy, or any interest therein, shall:\n (1) comply with the provisions of this chapter and regulations\npromulgated thereunder and all other applicable laws, governing the\nprotection of the identity and privacy of the insured or owner; and\n (2) protect against the unlawful release of all information concerning\nthe identity of any insured or owner, which information would or could\nreasonably be expected to be used to identify or contact such insured or\nowner, including the name, address (except the state of residence) or\nsocial security number of the insured or the owner, or representative\nthereof, the related insurance policy number or the insured's medical\ninformation.\n (c) Non-public personal information solicited or obtained in\nconnection with a proposed or executed life settlement contract shall be\nsubject to the provisions applicable to financial institutions under the\nGramm Leach Bliley Act, P.L. 106-102 (1999), and all other applicable\nlaws relating to confidentiality of non-public personal information.\n (d) The failure to follow the provisions of this section shall be a\ndefined violation under article twenty-four of this chapter.\n