This text of North Dakota § 26.1-10.3-06 (National association of insurance commissioners and third-party consultants) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
consultants.
1.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 corporate governance annual disclosure and related information or the
insurer's compliance with this chapter.
2.Any persons retained under subsection 1 are under the direction and control of the
commissioner and shall act in a purely advisory capacity.
3.The national association of insurance commissioners and third-party consultants are
subject to the same confidentiality standards and requirements as the commissioner.
4.As part of the retention process, a third-party consultant shall verify to the
commission
Free access — add to your briefcase to read the full text and ask questions with AI
consultants.
1. 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 corporate governance annual disclosure and related information or the
insurer's compliance with this chapter.
2. Any persons retained under subsection 1 are under the direction and control of the
commissioner and shall act in a purely advisory capacity.
3. The national association of insurance commissioners and third-party consultants are
subject to the same confidentiality standards and requirements as the commissioner.
4. As part of the retention process, a third-party consultant shall verify to the
commissioner, with notice to the insurer, that the consultant is free of a conflict of
interest and has internal procedures in place to monitor compliance with a conflict and
to comply with the confidentiality standards and requirements of this chapter.
5. A written agreement with the national association of insurance commissioners or a
third-party consultant, or both, governing sharing and use of information provided
pursuant to this chapter must contain the following provisions and expressly require
the written consent of the insurer before making public information provided under this
chapter:
a. Specific procedures and protocols for maintaining the confidentiality and security
of corporate governance annual disclosure-related information shared with the
national association of insurance commissioners or a third-party consultant
pursuant to this chapter.
b. 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 must provide that the recipient
agrees in writing to maintain the confidentiality and privileged status of the
corporate governance annual disclosure-related documents, materials, or other
information and has verified in writing the legal authority to maintain
confidentiality.
c. A provision specifying that ownership of the corporate governance annual
disclosure-related information shared with the national association of insurance
commissioners or a third-party consultant remains with the insurance department
and the national association of insurance commissioner's or third-party
consultant's use of the information is subject to the direction of the commissioner.
d. A provision that prohibits the national association of insurance commissioners or
a third-party consultant from storing the information shared pursuant to this
chapter in a permanent database after the underlying analysis is completed.
e. A provision requiring the national association of insurance commissioners 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 corporate governance annual
disclosure-related information.
f. 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 chapter.