Indiana Code 27-1-12.8-22. Supporting memorandum; confidentiality and privilege
(b) Except as otherwise provided in this section, a supporting memorandum submitted by a company as required by section 21 of this chapter and material provided to the commissioner by the company in connection with the supporting memorandum:
Terms Used In Indiana Code 27-1-12.8-22
- accident and sickness insurance: means insurance described in Class 1(b), Class 1(c)(2), or Class 2(a) of IC 27-1-5-1. See Indiana Code 27-1-12.8-1
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- NAIC: refers to the National Association of Insurance Commissioners. See Indiana Code 27-1-12.8-11
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
- Subpoena: A command to a witness to appear and give testimony.
- Testify: Answer questions in court.
(2) are not subject to subpoena; and
(3) are not subject to discovery or admissible in evidence in a private civil action.
However, the commissioner may use the materials and information in connection with a regulatory or legal action brought as part of the commissioner’s duties.
(c) The commissioner, or a person receiving documents, materials, or other information while acting under the authority of the commissioner, is not permitted or required to testify in a private civil action concerning information that is confidential as described in subsection (b).
(d) The commissioner may disclose documents, materials, and other information, including the information described in subsection (b), to:
(1) other state, federal, and international regulatory agencies;
(2) the NAIC and affiliates and subsidiaries of the NAIC; and
(3) state, federal, and international law enforcement authorities;
if the recipient agrees to maintain the confidential and privileged status of the documents, materials, and other information.
(e) The commissioner:
(1) may receive documents, materials, and other information, including confidential and privileged documents, materials, and information, from:
(A) other state, federal, and international regulatory agencies;
(B) the NAIC and affiliates and subsidiaries of the NAIC; and
(C) other state, federal, and international law enforcement authorities;
(2) shall maintain as confidential or privileged all documents, materials, and other information received with notice or the understanding that the documents, materials, and information are confidential or privileged under the law of the jurisdiction that is the source of the documents, materials, and information; and
(3) may enter into agreements governing sharing and use of information consistent with subsections (b) through (d).
(f) Any applicable privilege or claim of confidentiality in documents, materials, or information described in this section is not waived as a result of the disclosure or receipt of the documents, materials, or information by the commissioner as authorized by this section.
(g) A supporting memorandum described in section 21 of this chapter and other material provided by the company to the commissioner in connection with the supporting memorandum may:
(1) be subject to subpoena to defend an action seeking damages from the actuary who submitted the supporting memorandum under section 21 of this chapter; and
(2) be released by the commissioner:
(A) with the written consent of the company; or
(B) to the American Academy of Actuaries in response to a written request that:
(i) states that the memorandum or other material is required for the purpose of professional disciplinary proceedings; and
(ii) sets forth procedures satisfactory to the commissioner for preserving the confidentiality of the supporting memorandum or other material.
(h) If any part of a supporting memorandum described in section 21 of this chapter is:
(1) cited by the company in the company’s marketing;
(2) cited before a governmental agency other than a state insurance department; or
(3) released by the company to the news media;
all parts of the supporting memorandum are no longer confidential.
(i) The commissioner shall adopt rules under IC 4-22-2 containing the minimum standards for the valuation of accident and sickness insurance contracts.
As added by P.L.276-2013, SEC.10. Amended by P.L.124-2018, SEC.23.