(1) A licensee is not subject to the notice requirements set forth in 33-19-202 , MCA, if the licensee is an employee, agent or other representative of an insurance institution and:

(a) the insurance institution otherwise complies with, and provides the notices required by the provisions of this rule and 33-19-202 , MCA, including notice to applicants; and

(b) the licensee does not collect or disclose personal information except as provided for in the insurance institution's privacy notice and except as required by his employment or contractual relationship with the insurance institution.

(2) A licensee may not collect or disclose personal information beyond what is required by the licensee's relationship with the insurance institution unless the licensee provides another privacy notice to the individual that is specific to the licensee.