A. Documents, materials or other information in the possession or control of the Insurance Department that are obtained by or disclosed to the Commissioner or any other person in the course of an examination or investigation made pursuant to Section 1637 of this title and all information reported or provided to the Insurance Department pursuant to paragraphs 12 and 13 of subsection B of Section 1633 of this title, Section 1635 of this title, Section 1636 of this title, and Section 1639 of this title are recognized by this state as being proprietary and containing trade secrets and shall be confidential by law and privileged, shall not be subject to open records, or freedom of information, 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 to which it pertains unless the Commissioner, after giving the insurer and its affiliates who would be affected thereby notice and opportunity to be heard, determines that the interest of policyholders, shareholders or the public will be served by the publication thereof, in which event the Commissioner may publish all or any part in such manner as may be deemed appropriate. 1. For purposes of the information reported and provided to the Department of Insurance pursuant to paragraph 2 of subsection L of Section 1635 of this title, the Commissioner shall maintain the confidentiality of the group capital calculation and group capital ratio produced within the calculation and any group capital information received from an insurance holding company supervised by the Federal Reserve Board or any United States group wide supervisor; and 2. For purposes of the information reported and provided to the Department of Insurance pursuant to paragraph 3 of subsection L of Section 1635 of this title, the Commissioner shall maintain the confidentiality of the Liquidity Stress Test results and supporting disclosures and any Liquidity Stress Test information received from an insurance holding company supervised by the Federal Reserve Board and non-United-States group wide supervisors. B. Neither the Commissioner nor any person who received documents, materials or other information while acting under the authority of the Commissioner or with whom such documents, materials or other information are shared pursuant to this act 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 duties, the Commissioner: 1. May share documents, materials or other 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 regulatory agencies, with the National Association of Insurance Commissioners (NAIC) and its affiliates and subsidiaries, with any third-party consultants designated by the Commissioner, and with state, federal and international law enforcement authorities, including members of any supervisory college described in Section 1638 of this title, provided that the recipient agrees in writing to maintain the confidentiality and privileged status of the document, material or other information, and has verified in writing the legal authority to maintain confidentiality; 2. Notwithstanding paragraph 1 of this subsection, may only share confidential and privileged documents, material or information reported pursuant to paragraph 1 of subsection L of Section 1635 of this title with Commissioners of states having statutes or regulations substantially similar to subsection A of this section and who have agreed in writing not to disclose such information; 3. May receive documents, materials or information, including otherwise confidential and privileged documents, materials or information, including proprietary and trade-secret information, from the NAIC and its affiliates and subsidiaries and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material 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; and 4. Shall enter into written agreements with the NAIC and any third-party consultant designated by the Commissioner governing sharing and use of information provided pursuant to this act 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 designated by the Commissioner pursuant to this act, including procedures and protocols for sharing by the NAIC with other state, federal or international regulators. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the documents, materials or other information and has verified in writing the legal authority to maintain such confidentiality, b. specify that ownership of information shared with the NAIC or a third-party consultant pursuant to this act remains with the Commissioner and the NAIC's or a third-party consultant's, as designated by the Commissioner, use of the information is subject to the direction of the Commissioner, c. excluding documents, material or information reported pursuant to paragraph 3 of subsection L of Section 1635 of this title, prohibit the NAIC or third-party consultant designated by the Commissioner from storing the information shared pursuant to this act 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 designated by the Commissioner pursuant to this act is subject to a request or subpoena to the NAIC or a third-party consultant designated by the Commissioner for disclosure or production, and e. require the NAIC or a third-party consultant designated by the Commissioner to consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third- party consultant designated by the Commissioner may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant designated by the Commissioner pursuant to this act. f. for documents, material or information reported pursuant to paragraph 3 of subsection L of Section 1635 of this title, in the case of an agreement involving a third-party consultant, provide for notification of the identity of the consultant to the applicable insurers. D. The sharing of information by the Commissioner pursuant to this act 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 act. E. No waiver of any applicable privilege or claim of confidentiality in the documents, materials or information shall occur as a result of disclosure to the Commissioner under this section or as a result of sharing as authorized in subsection C of this section. F. Documents, materials or other information in the possession or control of the NAIC or a third-party consultant designated by the Commissioner pursuant to this act shall be confidential by law and privileged, shall not be subject to open records or freedom of information, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. G. The group capital calculation and resulting group capital ratio required under paragraph 2 of subsection L of Section 1635 of this title and the Liquidity Stress Test along with its results and supporting disclosures required under paragraph 3 of subsection L of Section 1635 of this title are regulatory tools for assessing group risks and capital adequacy and group liquidity risks, respectively, and are not intended as a means to rank insurers or insurance holding company systems generally. Therefore, except as otherwise may be required under the provisions of this title, the making, publishing, disseminating, circulating or placing before the public, or causing directly or indirectly to be made, published, disseminated, circulated or placed before the public in a newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster, or over any radio or television station or any electronic means of communication available to the public, or in any other way as an advertisement, announcement or statement containing a representation or statement with regard to the group capital calculation, group capital ratio, the Liquidity Stress Test results, or supporting disclosures for the Liquidity Stress Test of any insurer or any insurer group, or of any component derived in the calculation by an insurer, broker, or other person engaged in any manner in the insurance business would be misleading and is therefore prohibited; provided however, that if any materially false statement with respect to the group capital calculation, resulting group capital ratio, an inappropriate comparison of any amount to an insurer's or insurance group's group capital calculation or resulting group capital ratio, Liquidity Stress Test result, supporting disclosures for the Liquidity Stress Test, or an inappropriate comparison of any amount to an insurer's or insurance group's Liquidity Stress Test result or supporting disclosures is published in any written publication and the insurer is able to demonstrate to the Commissioner with substantial proof the falsity of such statement or the inappropriateness, as the case may be, then the insurer may publish announcements in a written publication if the sole purpose of the announcement is to rebut the materially false statement.
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