§ 27-1-23.5-13 — Documents, materials, other information

Indiana § 27-1-23.5-13

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 23.5: Risk Management and Own Risk and Solvency

Text

(a) Documents, materials, and other
information related to an ORSA, including an ORSA summary report,
in the possession of or control of the department that are obtained by,
created by, or disclosed to the commissioner or another person under
this chapter, are:
(1) considered to be proprietary and contain trade secrets;
(2) confidential and privileged;
(3) not subject to subpoena; and
(4) not subject to discovery or admissible in evidence in a private
civil action.
(b) The commissioner may:
(1) use the documents, materials, and other information described
in subsection (a) in relation to a regulatory or legal action brought
as part of the commissioner's duties; and
(2) otherwise make the documents, materials, and other
information public only with the prior written consent of the
insurer or insurance group.
(c) The commissioner, and any other person:
(1) who receives documents, materials, or other information
related to an ORSA while acting under the authority of the
commissioner; or
(2) with whom the documents, materials, or other information are
shared;
under this chapter is not permitted or required to testify in a private
civil action concerning any documents, materials, or other information
described in subsection (a).
(d) The commissioner may do the following:
(1) Upon request, share all documents, materials, and other
information described in subsection (a) with the following if the
recipient agrees in writing, and provides written verification that
the recipient has the legal authority, to maintain the confidential
and privileged status of the documents, materials, and other
information:
(A) Other state, federal, and international financial regulatory
agencies.
(B) The NAIC.
(C) Members of a supervisory college.
(D) A third party consultant designated by the commissioner.
(2) Receive documents, materials, and other information
described in subsection (a) from:
(A) regulatory officials of domestic or foreign jurisdictions;
(B) members of a supervisory college; and
(C) the NAIC;
if the commissioner maintains the confidential or privileged status
of the documents, materials, and other information that are
received with notice or the understanding that the documents,
materials, and other information are confidential or privileged
under the laws of the jurisdiction that is the source of the
documents, materials, and other information.
(e) The commissioner shall enter into a written agreement with the
NAIC or a third party consultant governing sharing and use of
information provided under this chapter, including the following:
(1) Procedures and protocols concerning the confidentiality and
security of information shared:
(A) with the NAIC or a third party consultant under this
chapter; and
(B) by the NAIC with regulators of other states in which
insurers that are members of an insurance group are domiciled.
(2) A statement that the recipient agrees in writing, and provides
written verification that the recipient has the legal authority, to
maintain the confidential and privileged status of the documents,
materials, and other information.
(3) A statement that, with respect to information shared with the
NAIC or a third party consultant under this chapter:
(A) the commissioner maintains ownership of the information;
and
(B) the use of the information is subject to the direction of the
commissioner.
(4) A statement that the NAIC or a third party consultant may not
store information shared under this chapter in a permanent data
base after the underlying analysis is completed.
(5) A requirement that, if confidential information of an insurer
that is in the possession of the NAIC or a third party consultant
under this chapter is subject to a request or subpoena to the NAIC
or third party consultant for production or disclosure, the NAIC
or a third party consultant will provide prompt notice to the
insurer.
(6) A requirement that the NAIC or a third party consultant will
allow intervention by an insurer in a judicial or administrative
action under which the NAIC or third party consultant may be
required to disclose confidential information concerning the
insurer that has been shared with the NAIC or third party
consultant under this chapter.
(7) If the written agreement is with a third party consultant, a
statement that the insurer's written consent is required for the
sharing of the information with the third party consultant.
(f) The sharing of information by the commissioner under this
chapter is not a delegation of regulatory authority. The commissioner
is solely responsible for the administration, implementation, and
enforcement of this chapter.
(g) Disclosure to or sharing by the commissioner of documents,
materials, or other information under this chapter is not a waiver of any
applicable privilege or claim of confidentiality in the documents,
materials, or other information.
(h) Documents, materials, and other information in the possession
or control of the NAIC or a third party consultant under this chapter
are:
(1) confidential and privileged;
(2) not subject to subpoena; and
(3) not discoverable or admissible in evidence in a private civil
action.

Legislative History

As added by P.L.129-2014, SEC.8.