§ 23-69-402 — Findings and intent

(a) The General Assembly finds that: (1) The Insurance Commissioner requires an insurer or insurance group to submit confidential and privileged information to the State Insurance Department to allow the commissioner to evaluate the financial condition and stability of the insurer or insurance group to protect the public; (2) An insurer or insurance group may be reluctant to provide this information to the commissioner due to the sensitive nature of the information that is specific to the insurer or insurance group's identification of risks material, including proprietary and trade secrets of the insurer or insurance group filing the report; and (3) The information required by the commissioner to evaluate the financial stability of an insurer or insurance group if disclosed to the public has the potential to cause harm to an insurer or insurance group. (b) It is the intent of the General Assembly to ensure that: (1) A method is established to clarify the requirements for an insurer or insurance group to maintain a risk management framework; (2) An insurer or insurance group is able to share its own risk and solvency assessment with the commissioner to enable the commissioner to assess the financial stability of an insurer or insurance group to meet policyholder obligations; (3) An insurer or insurance group's own risk assessment summary report remains confidential if filed with the commissioner, subject to the rules adopted by the commissioner, and shall not be published, made publically available, or subject to public disclosure; and (4) The commissioner may only share an insurer or insurance group's own risk assessment summary report as stated in this subchapter and as necessary to assist the commissioner in performing his or her duties.

Legislative History

Added by Act 2015, No. 1223,§ 31, eff. 7/22/2015.