NRS 692C.3507 Confidentiality.

651 words·~3 min read·/nv/chapter-692c-holding-companies/692c-3507·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. Except as otherwise provided in NRS 692C.3501 to 692C.3509 , inclusive, and NRS 239.0115 , any documents, materials and other information, including, without limitation, a corporate governance annual disclosure, in the possession or control of the Division which are obtained by, created by or disclosed to the Commissioner or any other person in accordance with the provisions of NRS 692C.3501 to 692C.3509 , inclusive, are proprietary and constitute trade secrets. All such documents, materials and other information are:

(a)Confidential and privileged from disclosure;

(b)Not subject to subpoena; and

(c)Not subject to discovery or admissible in evidence in any private civil action.

2. The Commissioner may use the documents, materials or other information described in subsection 1 in the furtherance of any regulatory or legal action brought as a part of the official duties of the Commissioner. The Commissioner shall not otherwise make the documents, materials or other information public without the prior written consent of the insurer. Nothing in NRS 692C.3501 to 692C.3509 , inclusive, shall be construed to require the written consent of the insurer before the Commissioner may share or receive confidential documents, materials or other information relating to a corporate governance annual disclosure pursuant to subsection 4 to assist in the performance of the regulatory duties of the Commissioner.

3. Neither the Commissioner nor any person who has received documents, materials or other information relating to a corporate governance annual disclosure through examination or otherwise, while acting under the authority of the Commissioner, or with whom such documents, materials or other information are shared pursuant to NRS 692C.3501 to 692C.3509 , inclusive, may be permitted or required to testify in any private civil action concerning any confidential documents, materials or information described in subsection 1.

4. To assist in the performance of his or her regulatory duties, the Commissioner may:

(a)Upon request, share documents, materials or other information relating to a corporate governance annual disclosure, including, without limitation, the confidential documents, materials or information described in subsection 1 and any other proprietary or trade secret documents and materials, with another state, federal or international financial regulatory agency, including, without limitation, the members of any supervisory college, as defined in NRS 692C.359 , the National Association of Insurance Commissioners and a third-party consultant retained pursuant to NRS 692C.3508 , if the recipient:

(1)Agrees in writing to maintain the confidentiality and privileged status of the documents, materials or other information relating to a corporate governance annual disclosure; and

(2)Has verified in writing the legal authority to maintain confidentiality; and

(b)Receive documents, materials and other information relating to a corporate governance annual disclosure, including, without limitation, documents, materials or information which would otherwise be confidential and privileged and any other proprietary or trade secret documents and materials, from a regulatory official of another state, federal or international financial regulatory agency, including, without limitation, the members of any supervisory college, as defined in NRS 692C.359 , and the National Association of Insurance Commissioners and shall maintain as confidential or privileged any document, material or information received if the Commissioner is given notice or understands that such an item is confidential or privileged under the laws of the jurisdiction that is the source of the document, material or information.

5. The sharing of information and documents by the Commissioner pursuant to NRS 692C.3501 to 692C.3509 , inclusive, does 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 NRS 692C.3501 to 692C.3509 , inclusive.

6. The disclosure of a document, material or information relating to a corporate governance annual disclosure to the Commissioner pursuant to NRS 692C.3501 to 692C.3509 , inclusive, and the sharing of such an item as authorized by this section does not waive any applicable privilege or claim of confidentiality in such an item.