58-5-171 . Disclosure information--Access by National Association of Insurance Commissioners--Requirements.

The director may enter a written agreement with the National Association of Insurance Commissioners, a third-party consultant, or both, governing the sharing and use of information provided pursuant to §§  58-5-161 to 58-5-171, inclusive, that expressly requires the written consent of the insurer prior to making any information related to the corporate governance annual disclosure available and contains the following:

(1) A provision specifying procedures and protocols for maintaining the confidentiality and security of information related to the disclosure that is shared with the National Association of Insurance Commissioners or a third-party consultant;

(2) A provision delineating procedures and protocols for sharing by the National Association of Insurance Commissioners with other state regulators from only those 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 documents, materials or other information related to the disclosure and has verified in writing the legal authority to maintain confidentiality;

(3) A provision specifying that ownership of the information related to the disclosure that is shared with the National Association of Insurance Commissioners or a third-party consultant remains with the division and use by the National Association of Insurance Commissioners or a third-party consultant is subject to the direction of the director;

(4) A provision prohibiting the National Association of Insurance Commissioners or a third-party consultant from storing shared information related to the disclosure in a permanent database after the underlying analysis is completed;

(5) A requirement that the National Association of Insurance Commissioners or third-party consultant provide prompt notice to the director and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer's information related to the disclosure; and

(6) 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 the provisions of §§  58-5-161 to 58-5-171 , inclusive.

Source: SL 2020, ch 212, § 11.