(1) For purposes of this section:
(a) Confidential information means:
(I) A memorandum in support of an opinion submitted under section 10-7-114
and any other documents, materials, and other information, including all working
papers and copies of working papers, that were created, produced, or obtained by
or disclosed to the commissioner or any other person in connection with the
memorandum;
(II) All documents, materials, and other information including all working
papers and copies of working papers, that were created, produced, or obtained by
or disclosed to the commissioner or any other person in the course of an
examination made under section 10-7-313.3 (6); except that, if an examination
report or other material prepared in connection with an examination made under
part 2 of article 1 of this title is not held as private and confidential information, an
examination report or other material prepared in connection with an examination
made under section 10-7-313.3 (6) is not confidential information to the same
extent as if the examination report or other material had been prepared under part
2 of article 1 of this title;
(III) Any reports, documents, materials, and other information developed by a
company in support of or in connection with an annual certification by the company
under section 10-7-313.4 (2)(b) that evaluate the effectiveness of the company's
internal controls with respect to a principle-based valuation and any other
documents, materials, and other information, including all working papers and
copies of working papers, that were created, produced, or obtained by or disclosed
to the commissioner or any other person in connection with the reports, documents,
materials, and other information;
(IV) Any principle-based valuation report developed under section 10-7-313.4
(2)(c) and any other documents, materials, and other information, including all
working papers and copies of working papers, that were created, produced, or
obtained by or disclosed to the commissioner or any other person in connection with
the report; and
(V) Experience data, experience materials, and any other documents,
materials, data, and other information, including all working papers and copies of
working papers, created, produced, or obtained by or disclosed to the commissioner
or any other person in connection with the experience materials.
(b) Experience data means any documents, materials, data, and other
information submitted by a company under section 10-7-313.6.
(c) Experience materials means experience data and any other documents,
materials, data, and other information, including all working papers and copies of
working papers, created or produced in connection with the experience data, in
each case that include any potentially company identifying or personally
identifiable information that is provided to or obtained by the commissioner.
(2) Privilege for, and confidentiality of, confidential information. (a) Except
as provided in this section, a company's confidential information is confidential by
law, privileged, not subject to part 2 of article 72 of title 24, C.R.S., not subject to
subpoena, and not subject to discovery or admissible in evidence in any private civil
action; except that the commissioner is authorized to use the confidential
information in the furtherance of any regulatory or legal action brought against the
company as a part of the commissioner's official duties.
(b) The commissioner or any person who received confidential information
while acting under the authority of the commissioner shall not be permitted or
required to testify in any private civil action concerning any confidential
information.
(c) (I) In order to assist in the performance of the commissioner's duties, the
commissioner may share confidential information:
(A) With other state, federal, and international regulatory agencies and with
the NAIC and its affiliates and subsidiaries; and
(B) In the case of confidential information specified in subparagraphs (I) and
(IV) of paragraph (a) of subsection (1) of this section only, with the actuarial board
for counseling and discipline, or its successor, upon request stating that the
confidential information is required for the purpose of professional disciplinary
proceedings and with state, federal, and international law enforcement officials.
(II) The commissioner may share confidential information under sub-subparagraphs (A) and (B) of subparagraph (I) of this paragraph (c) only if the
recipient agrees, and has the legal authority to agree, to maintain the
confidentiality and privileged status of the confidential information in the same
manner and to the same extent as required for the commissioner.
(d) Except as provided in this section, the commissioner may receive
documents, materials, data, and other information, including otherwise confidential
and privileged documents, materials, data, or information from the NAIC and its
affiliates and subsidiaries, from regulatory or law enforcement officials of other
foreign or domestic jurisdictions, and from the actuarial board for counseling and
discipline, or its successor, and shall maintain as confidential or privileged any
document, material, data, or other information received with notice or the
understanding that it is confidential or privileged under the laws of the jurisdiction
that is the source of the document, material, data, or other information.
(e) The commissioner may enter into agreements governing sharing and use
of information consistent with this section.
(f) No waiver of any applicable privilege or claim of confidentiality in the
confidential information may occur as a result of disclosure to the commissioner
under this section or as a result of sharing as authorized in this section.
(g) A company may assert a privilege established under the law of any state
or jurisdiction that is substantially similar to the privilege established under this
section, and the privilege shall be enforced in any proceeding in, and in any court of,
this state.
(h) As used in this section, regulatory agency, law enforcement agency,
and the NAIC include their employees, agents, consultants, and contractors.
(3) Notwithstanding subsection (2) of this section, confidential information
specified in paragraphs (a) and (c) of subsection (1) of this section:
(a) May be subject to subpoena for the purpose of defending an action
seeking damages from the appointed actuary submitting the related memorandum
in support of an opinion submitted under section 10-7-114 or principle-based
valuation report developed under section 10-7-313.4 (2)(c) by reason of an action
required by this part 3 or by rules promulgated under this part 3;
(b) May otherwise be released by the commissioner with the written consent
of the company; and
(c) Once any portion of a memorandum in support of an opinion submitted
under section 10-7-114 or a principle-based valuation report developed under
section 10-7-313.4 (2)(c) is cited by the company in its marketing or is publicly
volunteered to a governmental agency other than a state insurance department or
is released by the company to the news media, all portions of the memorandum or
report are no longer confidential.