§ 27-77-8. Confidentiality.
(a) Documents, materials, or other information, including the ORSA summary report, in
the possession of or control of the department of business regulation that are obtained
by, created by, or disclosed to the commissioner or any other person under this chapter,
are recognized by this state as being proprietary and to contain trade secrets. All
such documents, materials, or other information shall be confidential by law and privileged,
shall not be subject to chapter 2 of title 38 (Access to Public Records), shall not be subject to subpoena, and shall not be subject
to discovery or admissible in evidence in any private civil action. However, the commissioner
is authorized to use the documents, materials, or other information in the furtherance
of any regulatory or legal action brought as a part of the commissioner's official
duties. The commissioner shall not otherwise make the documents, materials, or other
information public without the prior written consent of the insurer.
(b) Neither the commissioner nor any person who received documents, materials, or other
ORSA-related information, through examination or otherwise, while acting under the
authority of the commissioner or with whom such documents, materials, or other information
are shared pursuant to this chapter, shall be permitted or required to testify in
any private civil action concerning any confidential documents, materials, or information
subject to subsection (a).
(c) In order to assist in the performance of the commissioner's regulatory duties, the
commissioner:
(1) May, upon request, share documents, materials, or other ORSA-related information,
including the confidential and privileged documents, materials, or information subject
to subsection (a), including proprietary and trade secret documents and materials
with other state, federal, and international financial regulatory agencies, including
members of any supervisory college as defined in chapter 35 of this title, with the
NAIC, and with any third-party consultants designated by the commissioner, provided
that the recipient agrees in writing to maintain the confidentiality and privileged
status of the ORSA-related documents, materials, or other information and has verified
in writing the legal authority to maintain confidentiality; and
(2) May receive documents, materials, or other ORSA-related information, including otherwise
confidential and privileged documents, materials, or information, including proprietary
and trade-secret information or documents, from regulatory officials of other foreign
or domestic jurisdictions, including members of any supervisory college as defined
in chapter 35 of this title, and from the NAIC, and shall maintain as confidential
or privileged any documents, materials, or information received with notice or the
understanding that it is confidential or privileged under the laws of the jurisdiction
that is the source of the document, material, or information.
(3) Shall enter into a written agreement with the NAIC or a third-party consultant governing
sharing and use of information provided pursuant to this chapter, consistent with
this subsection that shall:
(i) Specify procedures and protocols regarding the confidentiality and security of information
shared with the NAIC or a third-party consultant pursuant to this chapter, including
procedures and protocols for sharing by the NAIC 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 ORSA-related documents, materials, or other information and has verified
in writing the legal authority to maintain confidentiality;
(ii) Specify that ownership of information shared with the NAIC or a third-party consultant
pursuant to this chapter remains with the commissioner and the NAIC's or a third-party
consultant's use of the information is subject to the direction of the commissioner;
(iii) Prohibit the NAIC or third-party consultant from storing the information shared pursuant
to this chapter in a permanent database after the underlying analysis is completed;
(iv) Require prompt notice to be given to an insurer whose confidential information in
the possession of the NAIC or a third-party consultant pursuant to this chapter is
subject to a request or subpoena to the NAIC or a third-party consultant for disclosure
or production;
(v) Require the NAIC or a third-party consultant to 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; and
(vi) In the case of an agreement involving a third-party consultant, provide for the insurer's
written consent.
(d) The sharing of information and documents by the commissioner pursuant to this chapter
shall not constitute a delegation of regulatory authority or rulemaking, and the commissioner
is solely responsible for the administration, execution, and enforcement of the provisions
of this chapter.
(e) No waiver of any applicable privilege or claim of confidentiality in the documents,
proprietary and trade-secret materials, or other ORSA-related information shall occur
as a result of disclosure of such ORSA-related information or documents to the commissioner
under this section or as a result of sharing as authorized in this chapter.
(f) Documents, materials, or other information in the possession or control of the NAIC
or third-party consultants pursuant to this chapter shall be confidential by law and
privileged, shall not be subject to chapter 2 of title 38, shall not be subject to subpoena, and shall not be subject to discovery or admissible
in evidence in any private civil action.