Privacy Policy FAQ
- Does Transamerica share (or sell) private information about me to mailing lists, to credit bureaus or to others?
- My bank sent me a similar privacy notice but they gave me right to "opt out" or refuse to allow my private information to be disclosed. Why hasn't Transamerica given me that option? OR, how can I get on a list so that my private information will not be shared?
- Why was I sent this notice?
- Will this have any effect on my policy or change my policy with Transamerica?
- What type of information is Transamerica "permitted by law" to disclose about me?
- What is the law or regulation that governs my rights with regard to the handling of my private information?
- How can I find out what private information Transamerica has about me?
- How can I be assured that my privacy will be protected?
- How secure is my private information with Transamerica?
- What happens to my information when I am no longer a customer of Transamerica?
A. No. Transamerica does not sell private information about you to mailing lists, credit bureaus, or others. When we have your express permission (for example on an authorization form), we share your information with persons and companies to provide you with the product or service you have requested. For example, to underwrite a life insurance policy we get your permission to share information about you with the Medical Information Bureau (MIB).
In some specific instances that are allowed by law, we share information about you without your express permission. For example, if you have requested a product or service from us, we may share information with companies and persons that perform services on our behalf such as paying claims or processing policy loans. In each case, the information shared is limited to what is required to perform the service.
In all situations, we do not disclose any private information about you without either your consent or except as permitted by law.
A. Because Transamerica does not and will not share your private information without your permission, or as permitted by law, there is nothing from which you need to "opt out" or refuse. For the same reason, there is no customer "list" on which you are included, since we treat all our customers' private information in the same confidential manner.
Q. Why was I sent this notice?
A. We are required by law to send you a notice of our privacy policy annually (beginning this year) as long as you are our customer.
Q. Will this have any effect on my policy or change my policy with Transamerica?
A. No. Our privacy policy has not changed and there is no effect on your policy or on policy values. The only thing new is that you will receive this notice annually as long as you are our customer.
Q. What type of information is Transamerica "permitted by law" to disclose about me?
A. Various laws, such as state insurance laws, the Fair Credit Reporting Act, fraud statutes, criminal statutes, etc. may apply. Most of the situations allowed by law are to provide you with the products and services you expect. For example, we may share information with companies and persons that perform services on our behalf, such as paying claims or processing policy loans. In other situations, the law requires us to share information. For example, if served a properly authorized subpoena or summons, Transamerica may release information about you.
A. There are many laws and regulations that govern the handling of private information, but the law that requires us to send you this notice is known as The Gramm-Leach-Bliley Financial Services Modernization Act (GLBA). The new law affects the entire financial services industry, including insurance companies, banks, and securities firms.
Q. How can I find out what private information Transamerica has about me?
A. Keeping your information accurate and up-to-date is very important to us. You may access and correct the nonpublic personal information that we collect about you (except for information relating to a claim or a criminal or civil proceeding). To update your file, you must send a written request to us at Post Office Box 419521, Kansas City, Missouri, 64141-6521.
Q. How can I be assured that my privacy will be protected?
A. Transamerica has over nine decades of commitment to protecting privacy. Your trust is our lifeblood. In addition to this track record, the new law:
Makes it a federal crime to obtain private, personal information under false pretenses; Prohibits financial services companies from disclosing account numbers to outside parties for direct marketing, telemarketing and marketing through e-mail; Gives you the legal right to say no to, or "opt out" of, the disclosure of your nonpublic personal information IF the financial services company shares such information other than as permitted under the law.
Q. How secure is my private information with Transamerica?
A. Transamerica restricts access to your private information to those employees who have a legitimate business need to have access in order to provide products or services to you.
Q. What happens to my information when I am no longer a customer of Transamerica?
A. Information about our former customers is kept for the period of time required by company policy and by law. During this period of time, the information is not disclosed except as required or permitted by law. The information is destroyed when we are no longer required to keep it.
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