§ 26-51-108 — Confidentiality

Wyoming § 26-51-108

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 51: OWN RISK SOLVENCY

Text

(a) Documents, materials or other information, including
the ORSA summary report, in the possession of or control of the
department that are obtained by, created by or disclosed to the
commissioner or any other person under this chapter, is
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 the Wyoming Public Records Act, 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 those 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) of this section.
(c) In order to assist in the performance of the
commissioner's regulatory duties, the commissioner:
(i) May, upon request, share documents, materials or
other ORSA-related information, including the confidential and
privileged documents, materials or information subject to
subsection (a) of this section, 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 W.S. 26-44-118, 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
(ii) 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 W.S.
26-44-118, 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;
(iii) 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:
(A) 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;
(B) 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;
(C) 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;
(D) 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;
(E) 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
(F) 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 a third-party consultant pursuant to
this chapter shall be confidential by law and privileged, shall
not be subject to the Wyoming Public Records Act, shall not be
subject to subpoena, and shall not be subject to discovery or
admissible in evidence in any private civil action.