Compliance and regulation

Privacy Notice

A privacy notice is a written statement that explains what personal information a company collects, how it uses and shares it, and what choices the customer has. Financial firms and insurers must provide one.

Why it matters

Customers usually get a privacy notice when they open an account or buy a policy, and again at set intervals. It covers things like what data is collected and whether the company shares it with others. Families can use it to learn how to opt out of certain sharing. Websites also post privacy policies. Rules come from federal law and state insurance privacy rules, so wording and timing differ.

Source: law.cornell.edu

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