58-5A-91. Powers and duties of director regarding ORSA.

514 words·~2 min read·/sd/title-58/chapter-58-5/58-5a-91

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

In order to assist in the performance of the director's regulatory duties regarding ORSA, the director:

(1)May, upon request, share documents, materials, or other ORSA-related information, including the confidential and privileged documents, materials, or information subject to § 58-5A-90 , including proprietary and trade secret documents and other materials with state, federal, and international financial regulatory agencies, including members of any supervisory college, with the NAIC or any third-party consultants designated by the director, if the recipient agrees in writing to maintain the confidentiality and privileged status of the ORSA-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality;

(2)May receive documents, materials, or other ORSA-related information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade secret information or documents, from regulatory officials of other foreign or domestic jurisdictions, including members of any supervisory college, or from the NAIC and shall maintain as confidential or privileged any documents, materials, or 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; and

(3)Shall enter into a written agreement with the NAIC or a third-party consultant governing sharing and use of information provided pursuant to §§ 58-5A-81 to 58-5A-93 , inclusive, consistent with this subdivision that shall:

(a)Specify procedures and protocols regarding the confidentiality and security of information shared with the NAIC or a third-party consultant pursuant to §§ 58-5A-81 to 58-5A-93 , inclusive, 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 shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the ORSA-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality;

(b)Specify that ownership of information shared with the NAIC or a third-party consultant pursuant to §§ 58-5A-81 to 58-5A-93 , inclusive, remains with the director and the use of the information by the NAIC or a third-party consultant is subject to the direction of the director;

(c)Prohibit the NAIC or third-party consultant from storing the information shared pursuant to §§ 58-5A-81 to 58-5A-93 , inclusive, 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 a third-party consultant pursuant to §§ 58-5A-81 to 58-5A-93 , inclusive, when subject to a request or subpoena to the NAIC or a third-party consultant for disclosure or production;

(e)Require the NAIC or a third-party consultant to consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third-party consultant may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant pursuant to §§ 58-5A-81 to 58-5A-93 , inclusive; and

(f)In the case of an agreement involving a third-party consultant, provide for the insurer's written consent.