This is the contract language developed by IIAA for the

This is the contract language developed by IIAA for the “joint marketing” exception to the opt out requirement imposed by the Gramm-Leach-Bliley Act (GLBA). This will enable an independent agent to disclose nonpublic personal information (NPI) about a customer to an unaffiliated third party with which the agent has a joint marketing agreement. This is one approach agents and companies may choose in order to enable agents to share NPI with insurance companies, such as occurs when an agent shops a renewal to multiple companies. While the agent also may choose to provide customers with a privacy notice that includes an opt out, many agents will find that the use of joint marketing agreements most easily facilitates their ability to continue doing business seamlessly, including obtaining competitive quotes for customers, without being required to give customers an opt out.

A joint marketing agreement can be created easily by a simple amendment to the existing agency agreement between a company and the agent. The amendment language developed by IIAA is:

[Name of insurance company or other financial institution with which the independent agent performs joint marketing] agrees that it will not disclose or use the nonpublic personal information provided to it under this Joint Marketing Agreement to any person or entity except as necessary to carry out the joint marketing of [specify product or service] under this Agreement, or under another expressly recognized exception to the Gramm-Leach-Bliley Act’s opt out requirement in the ordinary course of business to carry out such joint marketing, unless and until the individual about whom the nonpublic personal information is shared becomes a customer of [Name of insurance company or other financial institution].

Please note that some existing agency agreements contain provisions with language similar to that proposed or which otherwise cover the points required under GLBA for a joint marketing agreement to be effective. In this case, no amendment would be needed.

A joint marketing agreement can be created easily by a simple amendment to the existing agency agreement between a company and the agent. The amendment language developed by IIAA is:

Please note that some existing agency agreements contain provisions with language similar to that proposed or which otherwise cover the points required under GLBA for a joint marketing agreement to be effective. In this case, no amendment would be needed.

If you have any questions regarding this issue, please contact Marianne Caulfield or Debra Perkins at (800) 221-7917.