(a) The obligations imposed by this chapter shall apply to an insurance institution, insurance representative or insurance-support organization which in the case of life, health and disability insurance:

1. (1) collects, receives or maintains information in connection with an insurance transaction which pertains to a natural person who is a resident of the commonwealth; or
2. (2) engages in an insurance transaction with an applicant, individual or policyholder who is a resident of the commonwealth.

(b) In the case of life, health or disability insurance, the rights granted by this chapter shall extend to the following residents of the commonwealth:

1. (1) natural persons who are the subject of information collected, received or maintained in connection with insurance transactions; and
2. (2) applicants, individuals or policyholders who engage in or seek to engage in insurance transactions.