Relating to insurance TITLE, PURPOSE AND DEFINITIONSEnacting the "Financial Information Privacy Protection Model Act' from the national conference of insurance legislators to protect the privacy of insurance customers and consumers; stating the purpose and scope of the act; defining certain termsPRIVACY AND OPT OUT NOTICESRequiring and providing for licensed insurance companies to provide notices of privacy policies and practices to customers at the time of establishing the relationship or of obtaining a new financial product or service and to consumers before disclosure of nonpublic personal financial information to third parties, exceptions; requiring annual notice of privacy policies and practices to customers after initial notice; specifying information to be included in privacy notices; requiring and providing for opt out notices to consumers, requiring licensees to provide a reasonable means to exercise an opt out right; specifying the duration of consumer opt out directions; specifying certain requirements for revised privacy notices; providing for delivery of the required notices; prohibiting discrimination against customers or consumers for exercising the right to opt outLIMITS ON DISCLOSURELimiting the disclosure of nonpublic personal financial information to nonaffiliated third parties, the redisclosure and reuse of information and the sharing of policy or contract number information for marketing purposesEXCEPTIONSSpecifying certain exceptions to opt out requirements for service providers and for joint marketing, for processing and servicing transactions at consumer request and for administration of employer benefit plans; specifying certain additional exceptions to notice and opt out requirements for consent by or at the direction of the consumer, for certain confidentiality or security purposes, for provision of information to insurance rate advisory organizations, guaranty funds or agencies, attorneys, accountants and auditors and law enforcement or consumer reporting agencies, for certain business transactions, for compliance with certain legal requirements, for the provision of ongoing health care treatment, for quality assessment evaluations or investigations, for insurance underwriting, claims adjudication and claim file audits, for compliance with court orders and for certain other purposes PERSONALLY IDENTIFIABLE HEALTH INFORMATIONRequiring licensees to obtain an authorization to disclose personally identifiable health information for marketing purposes, specifying certain notice form requirements and exceptions RELATION TO OTHER LAWS; EFFECTIVE DATEProviding for protection of federal fair credit reporting acts and the health insurance portability and accountability act; authorizing commissioner of commerce investigation of alleged violations and imposition fines and other sanctions; violation to be considered an unfair or deceptive act or practice in the business of insurance subject to certain penalties and remedies; specifying the effective date and providing a transitional period; providing for a grandfathering in of certain service agreements; prohibiting insurers, insurance agents or insurance support organizations from collecting personal information about policyholders or applicants not relating to a claim from sources other than public records without written authorization from the policyholder or applicant; repealing certain existing provisions regulating information practices of insurers (mk)