A.The director may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the director's staff, as may be reasonably necessary to assist the director in reviewing the CGAD and related information or the insurer's compliance with this article.
B.Persons who are retained under subsection A of this section are under the direction and control of the director and shall act in a purely advisory capacity.
C.The national association of insurance commissioners and third-party consultants are subject to the same confidentiality standards and requirements as the director.
D.As part of the retention process, a third-party consultant shall verify to the director, with notice to the insurer, that the third-p
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A. The director may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the director's staff, as may be reasonably necessary to assist the director in reviewing the CGAD and related information or the insurer's compliance with this article.
B. Persons who are retained under subsection A of this section are under the direction and control of the director and shall act in a purely advisory capacity.
C. The national association of insurance commissioners and third-party consultants are subject to the same confidentiality standards and requirements as the director.
D. As part of the retention process, a third-party consultant shall verify to the director, with notice to the insurer, that the third-party consultant does not have a conflict of interest and that the third-party consultant has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this article.
E. A written agreement with the national association of insurance commissioners or a third-party consultant governing sharing and use of information provided pursuant to this article shall contain all of the following provisions and expressly require the written consent of the insurer before making public information provided under this article:
1. Specific procedures and protocols for maintaining the confidentiality and security of CGAD-related information that is shared with the national association of insurance commissioners or a third-party consultant pursuant to this article.
2. Procedures and protocols for sharing by the national association of insurance commissioners only with other state regulators from states in which the insurance group has domiciled insurers. The agreement shall provide that the recipient agree in writing to maintain the confidentiality and privileged status of the CGAD-related documents, materials or other information and verify in writing the legal authority to maintain confidentiality.
3. A provision that specifies that ownership of the CGAD-related information that is shared with the national association of insurance commissioners or a third-party consultant remain with the department and that the national association of insurance commissioners' or third-party consultant's use of the information is subject to the direction of the director.
4. A provision that prohibits the national association of insurance commissioners or a third-party consultant from storing the information shared pursuant to this article in a permanent database after the underlying analysis is completed.
5. A provision that requires the national association of insurance commissioners or a third-party consultant to provide prompt notice to the director and to the insurer or insurance group regarding a subpoena, request for disclosure or request for production of the insurer's CGAD-related information.
6. A requirement that the national association of insurance commissioners or a third-party consultant consent to intervention by an insurer in any judicial or administrative action in which the national association of insurance commissioners or a third-party consultant may be required to disclose confidential information about the insurer shared with the national association of insurance commissioners or a third-party consultant pursuant to this article.