§ 3906 — Third-party consultants

(a) Assistance with review.--The department may retain, at the insurer or insurance group's expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the department's staff as may be reasonably necessary to assist the department in reviewing the CGAD, CGAD-related information or the insurer's or insurance group's compliance with this chapter. Before retaining a third-party consultant, the department shall consider all of the following:

(1) The complexity of the corporate governance structure of the insurer or insurance group.

(2) Whether subject matter expertise to effectively review the report is available within the department.

(b) Advisory capacity.--A person retained under subsection (a) shall be under the direction and control of the department and shall act in a purely advisory capacity.

(c) Confidentiality.--Each third-party consultant shall be subject to the same confidentiality standards and requirements as the department.

(d) Verification.--As part of the retention process, a third-party consultant shall verify to the department, with notice to the insurer or insurance group, that it:

(1) is free of a conflict of interest;

(2) will comply with the confidentiality standards and requirements of this chapter; and

(3) has internal procedures in place to monitor compliance with this section.

(e) Written consent.--A retention agreement with a third-party consultant shall expressly require the written consent of the insurer or insurance group prior to making information provided under this chapter public.

Legislative History

Cross References.Section 3906 is referred to in section 3907 of this title.