58-26-55. Confidentiality of material supporting opinion of qualified actuary.
183 words·~1 min read·
/sd/title-58/chapter-58-26/58-26-55·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any memorandum in support of the opinion, required pursuant to §§ 58-26-46 to 58-26-49 , inclusive, and any other material provided by the company to the director in connection with the opinion, shall be kept confidential by the director, other than for the purpose of defending an action seeking damages from any person by reason of any action required by this chapter or by rules promulgated pursuant to this chapter. However, the memorandum or other material may otherwise be released by the director with the written consent of the company or to the American Academy of Actuaries upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the director for preserving the confidentiality of the memorandum or other material.
If any portion of the confidential memorandum is cited by the company in its marketing or is cited before any governmental agency other than a state insurance department or division or is released by the company to the news media, all portions of the confidential memorandum are no longer confidential.