(1) The Director of the Department of Consumer and Business Services may share confidential and privileged documents, material or information the director receives under ORS § 732.517 to 732.596 with a chief insurance regulatory official in accordance with ORS § 705.137:

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(a) Only if the regulatory official’s jurisdiction has a statute or rules that are substantially similar in effect to ORS § 732.586; and

(b) Only if the regulatory official agrees in writing not to disclose the documents, material or information.

(2) The director shall enter into a written agreement with the National Association of Insurance Commissioners that governs how the director and the association may use or share documents, material or information the director receives under ORS § 732.517 to 732.596, including documents, material or information the director receives as a consequence of the director’s participation in a supervisory college under ORS § 732.571. The agreement must:

(a) Specify procedures and protocols for maintaining the confidentiality and security of documents, material and information the director shares with the association and the association’s affiliates or subsidiaries;

(b) Specify conditions under which the association may share the documents, material or information with other state, federal or international regulatory agencies;

(c) State that the director retains ownership of the documents, material and information the director shares with the association and the association’s affiliates and subsidiaries and that the association’s use of the documents, material or information is subject to the director’s control;

(d) Require the director or the association to notify an insurer if a subpoena or other request compels the association or the association’s affiliates or subsidiaries to disclose or produce documents, material or information the director has shared with the association;

(e) Require the association to consent to an insurer’s intervention in an administrative or judicial proceeding that may result in the association or the association’s affiliates or subsidiaries having to disclose or produce documents, material or information the director shared with the association; and

(f) State that the association must maintain, in accordance with ORS § 705.137, the confidentiality of the documents, material or information the association receives from the director. [2013 c.370 § 2; 2015 c.27 § 59]