NRS 692C.354 Allowed disclosure and receipt of confidential information by Commissioner; agreements governing sharing and use of information.
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NRS 692C.354 Allowed disclosure and receipt of confidential information by Commissioner; agreements governing sharing and use of information. To assist the performance of the Commissioner’s regulatory duties, the Commissioner:
1. May, upon request, share documents, materials and other information received pursuant to NRS 692C.351 to 692C.3548 , inclusive, including, without limitation, any documents, materials and information subject to NRS 692C.3536 and any proprietary and trade secret documents and materials, with other state, federal and international financial regulatory agencies, including members of any supervisory college, as defined in NRS 692C.359 , with the NAIC and with third-party consultants designated by the Commissioner, provided that the recipient agrees in writing to maintain the confidentiality and privileged status of the documents, materials and other information received pursuant to NRS 692C.351 to 692C.3548 , inclusive, and has verified in writing the legal authority to maintain confidentiality.
2. May receive documents, materials and other information received pursuant to NRS 692C.351 to 692C.3548 , inclusive, including, without limitation, documents, materials and information which are otherwise confidential and privileged, and proprietary and trade secret information or documents, from regulatory officials of other foreign or domestic jurisdictions, including members of any supervisory college, as defined in NRS 692C.359 , and from the NAIC, and shall maintain as confidential or privileged any such documents, materials and 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.
3. Shall enter into a written agreement with the NAIC or a third-party consultant governing the sharing and use of information provided pursuant to NRS 692C.351 to 692C.3548 , inclusive, that must:
(a)Specify procedures and protocols regarding the confidentiality and security of the information shared with the NAIC or third-party consultant, including procedures and protocols for sharing by the NAIC with other state regulators from states in which the insurance group has domiciled insurers. The agreement must provide that the recipient agrees to maintain the confidentiality and privileged status of the documents, materials and other information and has verified, in writing, the legal authority to maintain confidentiality;
(b)Specify that ownership of the information shared with the NAIC or third-party consultant remains with the Commissioner and use of the information by the NAIC or third-party consultant is subject to the discretion of the Commissioner;
(c)Prohibit the NAIC or third-party consultant from storing the information 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 third-party consultant is subject to a request or subpoena to the NAIC or a third-party consultant for disclosure or production;
(e)Require the NAIC or third-party consultant to consent to intervention by an insurer in any judicial or administrative action in which the NAIC or third-party consultant may be required to disclose confidential information about the insurer shared with the NAIC or third-party consultant; and
(f)In the case of an agreement involving a third-party consultant, provide for the insurer’s written consent.