(a)This section applies before the
operative date of the Valuation Manual.
(b)Except as otherwise provided in this section, a supporting
memorandum submitted by a company as required by section 21 of this
chapter and material provided to the commissioner by the company in
connection with the supporting memorandum:
(2)are not subject to subpoena; and
(3)are not subject to discovery or admissible in evidence in a
private civil action.
However, the commissioner may use the materials and information in
connection with a regulatory or legal action brought as part of the
commissioner's duties.
(c)The commissioner, or a person receiving documents, materials,
or other information while acting under the authority of the
commissioner, is not permitted or required to testif
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(a) This section applies before the
operative date of the Valuation Manual.
(b) Except as otherwise provided in this section, a supporting
memorandum submitted by a company as required by section 21 of this
chapter and material provided to the commissioner by the company in
connection with the supporting memorandum:
(1) are confidential;
(2) are not subject to subpoena; and
(3) are not subject to discovery or admissible in evidence in a
private civil action.
However, the commissioner may use the materials and information in
connection with a regulatory or legal action brought as part of the
commissioner's duties.
(c) The commissioner, or a person receiving documents, materials,
or other information while acting under the authority of the
commissioner, is not permitted or required to testify in a private civil
action concerning information that is confidential as described in
subsection (b).
(d) The commissioner may disclose documents, materials, and other
information, including the information described in subsection (b), to:
(1) other state, federal, and international regulatory agencies;
(2) the NAIC and affiliates and subsidiaries of the NAIC; and
(3) state, federal, and international law enforcement authorities;
if the recipient agrees to maintain the confidential and privileged status
of the documents, materials, and other information.
(e) The commissioner:
(1) may receive documents, materials, and other information,
including confidential and privileged documents, materials, and
information, from:
(A) other state, federal, and international regulatory agencies;
(B) the NAIC and affiliates and subsidiaries of the NAIC; and
(C) other state, federal, and international law enforcement
authorities;
(2) shall maintain as confidential or privileged all documents,
materials, and other information received with notice or the
understanding that the documents, materials, and information are
confidential or privileged under the law of the jurisdiction that is
the source of the documents, materials, and information; and
(3) may enter into agreements governing sharing and use of
information consistent with subsections (b) through (d).
(f) Any applicable privilege or claim of confidentiality in
documents, materials, or information described in this section is not
waived as a result of the disclosure or receipt of the documents,
materials, or information by the commissioner as authorized by this
section.
(g) A supporting memorandum described in section 21 of this
chapter and other material provided by the company to the
commissioner in connection with the supporting memorandum may:
(1) be subject to subpoena to defend an action seeking damages
from the actuary who submitted the supporting memorandum
under section 21 of this chapter; and
(2) be released by the commissioner:
(A) with the written consent of the company; or
(B) to the American Academy of Actuaries in response to a
written request that:
(i) states that the memorandum or other material is required
for the purpose of professional disciplinary proceedings; and
(ii) sets forth procedures satisfactory to the commissioner for
preserving the confidentiality of the supporting memorandum
or other material.
(h) If any part of a supporting memorandum described in section 21
of this chapter is:
(1) cited by the company in the company's marketing;
(2) cited before a governmental agency other than a state
insurance department; or
(3) released by the company to the news media;
all parts of the supporting memorandum are no longer confidential.
(i) The commissioner shall adopt rules under IC 4-22-2 containing
the minimum standards for the valuation of accident and sickness
insurance contracts.