§ 27-1.2-7. 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 chapter.
(b) Any persons retained pursuant to subsection (a) shall be under the direction and control
of the commissioner and shall act in a purely advisory capacity.
(c) The National Association of Insurance Commissioners (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 chapter.
(e) A written agreement with the NAIC and/or a third-party consultant governing sharing
and use of information provided pursuant to this chapter shall contain the following
provisions and expressly require the written consent of the insurer prior to making
public information provided under this chapter:
(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 chapter;
(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 division of insurance 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 chapter in a permanent database after the underlying analysis
is completed;
(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;
and
(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 chapter.