This text of Louisiana § 22:691.57 (NAIC and third-party consultants) is published on Counsel Stack Legal Research, covering Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§691.57. NAIC and third-party consultants
A.The commissioner may retain, at the insurer's expense, third-party consultants,
including attorneys, actuaries, accountants, and other experts not otherwise a part of the
commissioner's staff, as may be reasonably necessary to assist the commissioner in reviewing
the CGAD and related information or the insurer's compliance with this Subpart.
B.Any person retained pursuant to Subsection A of this Section shall be under the
direction and control of the commissioner and shall act in a purely advisory capacity.
C.The NAIC and third-party consultants shall be subject to the same confidentiality
standards and requirements as the commissioner.
D.As part of the retention process, a third-party consultant shall verify to the
commissioner, with notice
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§691.57. NAIC and third-party consultants
A. The commissioner may retain, at the insurer's expense, third-party consultants,
including attorneys, actuaries, accountants, and other experts not otherwise a part of the
commissioner's staff, as may be reasonably necessary to assist the commissioner in reviewing
the CGAD and related information or the insurer's compliance with this Subpart.
B. Any person retained pursuant to Subsection A of this Section shall be under the
direction and control of the commissioner and shall act in a purely advisory capacity.
C. The NAIC and third-party consultants shall be subject to the same confidentiality
standards and requirements as the commissioner.
D. As part of the retention process, a third-party consultant shall verify to the
commissioner, with notice to the insurer, that it is free of a conflict of interest and that it has
internal procedures in place to monitor compliance with a conflict and to comply with the
confidentiality standards and requirements of this Subpart.
E. A written agreement with either the NAIC, a third-party consultant, or both
governing sharing and use of information provided pursuant to this Subpart shall contain the
following provisions and expressly require the written consent of the insurer prior to making
public information provided pursuant to this Subpart:
(1) Specific procedures and protocols for maintaining the confidentiality and security
of CGAD-related information shared with the NAIC or a third-party consultant pursuant to
this Subpart.
(2) Procedures and protocols for sharing by the NAIC only with other state regulators
from states in which the insurance group has domiciled insurers. The agreement shall
provide that the recipient agrees in writing to maintain the confidentiality and privileged
status of the CGAD-related documents, materials, or other information and has verified in
writing the legal authority to maintain confidentiality.
(3) A provision specifying that ownership of the CGAD-related information shared
with the NAIC or a third-party consultant remains with the commissioner and the NAIC's or
third-party consultant's use of the information is subject to the direction of the commissioner.
(4) A provision that prohibits the NAIC or a third-party consultant from storing the
information shared pursuant to this Subpart in a permanent database after the underlying
analysis is complete.
(5) A provision requiring the NAIC or third-party consultant to provide prompt
notice to the commissioner and to the insurer or insurance group regarding any subpoena,
request for disclosure, or request for production of the insurer's CGAD-related information.
(6) A requirement that the NAIC or a third-party consultant consent to intervention
by an insurer in any judicial or administrative action in which the NAIC or a third-party
consultant may be required to disclose confidential information about the insurer shared with
the NAIC or a third-party consultant pursuant to this Subpart.