Indiana Code 27-1-23.5-13. Documents, materials, other information
(1) considered to be proprietary and contain trade secrets;
Terms Used In Indiana Code 27-1-23.5-13
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- 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.
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- 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
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. 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.
- ORSA summary report: means a confidential, high level summary of an insurer or insurance group's ORSA. See Indiana Code 27-1-23.5-7
- 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.
(3) not subject to subpoena; and
(4) not subject to discovery or admissible in evidence in a private civil action.
(b) The commissioner may:
(1) use the documents, materials, and other information described in subsection (a) in relation to a regulatory or legal action brought as part of the commissioner’s duties; and
(2) otherwise make the documents, materials, and other information public only with the prior written consent of the insurer or insurance group.
(c) The commissioner, and any other person:
(1) who receives documents, materials, or other information related to an ORSA while acting under the authority of the commissioner; or
(2) with whom the documents, materials, or other information are shared;
under this chapter is not permitted or required to testify in a private civil action concerning any documents, materials, or other information described in subsection (a).
(d) The commissioner may do the following:
(1) Upon request, share all documents, materials, and other information described in subsection (a) with the following if the recipient agrees in writing, and provides written verification that the recipient has the legal authority, to maintain the confidential and privileged status of the documents, materials, and other information:
(A) Other state, federal, and international financial regulatory agencies.
(B) The NAIC.
(C) Members of a supervisory college.
(D) A third party consultant designated by the commissioner.
(2) Receive documents, materials, and other information described in subsection (a) from:
(A) regulatory officials of domestic or foreign jurisdictions;
(B) members of a supervisory college; and
(C) the NAIC;
if the commissioner maintains the confidential or privileged status of the documents, materials, and other information that are received with notice or the understanding that the documents, materials, and other information are confidential or privileged under the laws of the jurisdiction that is the source of the documents, materials, and other information.
(e) The commissioner shall enter into a written agreement with the NAIC or a third party consultant governing sharing and use of information provided under this chapter, including the following:
(1) Procedures and protocols concerning the confidentiality and security of information shared:
(A) with the NAIC or a third party consultant under this chapter; and
(B) by the NAIC with regulators of other states in which insurers that are members of an insurance group are domiciled.
(2) A statement that the recipient agrees in writing, and provides written verification that the recipient has the legal authority, to maintain the confidential and privileged status of the documents, materials, and other information.
(3) A statement that, with respect to information shared with the NAIC or a third party consultant under this chapter:
(A) the commissioner maintains ownership of the information; and
(B) the use of the information is subject to the direction of the commissioner.
(4) A statement that the NAIC or a third party consultant may not store information shared under this chapter in a permanent data base after the underlying analysis is completed.
(5) A requirement that, if confidential information of an insurer that is in the possession of the NAIC or a third party consultant under this chapter is subject to a request or subpoena to the NAIC or third party consultant for production or disclosure, the NAIC or a third party consultant will provide prompt notice to the insurer.
(6) A requirement that the NAIC or a third party consultant will allow intervention by an insurer in a judicial or administrative action under which the NAIC or third party consultant may be required to disclose confidential information concerning the insurer that has been shared with the NAIC or third party consultant under this chapter.
(7) If the written agreement is with a third party consultant, a statement that the insurer’s written consent is required for the sharing of the information with the third party consultant.
(f) The sharing of information by the commissioner under this chapter is not a delegation of regulatory authority. The commissioner is solely responsible for the administration, implementation, and enforcement of this chapter.
(g) Disclosure to or sharing by the commissioner of documents, materials, or other information under this chapter is not a waiver of any applicable privilege or claim of confidentiality in the documents, materials, or other information.
(h) Documents, materials, and other information in the possession or control of the NAIC or a third party consultant under this chapter are:
(1) confidential and privileged;
(2) not subject to subpoena; and
(3) not discoverable or admissible in evidence in a private civil action.
As added by P.L.129-2014, SEC.8.