A. With respect to a domestic insurer or foreign insurer, the director shall keep confidential all information that is contained in RBC reports and that is not required to be set forth in a public annual statement schedule and all RBC plans that are filed with the director, including the results or report of an examination or analysis of an insurer that is performed pursuant to this article and any corrective order that is issued by the director. This information shall not be made public and is not subject to subpoena, except that the director may subpoena the information for the purpose of enforcing the insurance laws of this state.

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

B. An assertion, representation or statement regarding the RBC levels of an insurer or any component derived by any insurer, insurance producer or other person engaged in the transaction of insurance business shall not be published, disseminated, circulated or placed before the public in any printed medium and shall not be advertised, announced or stated through radio, television or any other electronic medium.

C. Notwithstanding subsection B, an insurer may publish an announcement in a written publication for the purpose of rebutting a materially false statement that is made with respect to the comparison regarding the insurer’s total adjusted capital to its RBC levels or with respect to an inappropriate comparison of any other amount to the insurer’s RBC levels, that is published in a written publication and that the insurer is able to demonstrate to the director with substantial proof is false or inappropriate.

D. The RBC instructions, RBC reports, adjusted RBC reports, RBC plans and revised RBC plans are intended solely for use by the director in monitoring the solvency of insurers and the need for possible corrective action with respect to insurers. The director shall not use the RBC instructions, RBC reports, adjusted RBC reports, RBC plans and revised RBC plans for rate making, shall not consider or introduce them as evidence in any rate making proceeding and shall not use them to calculate or derive any elements of an appropriate premium level or rate of return for any line of insurance that an insurer or any affiliate is authorized to write.

E. The director may:

1. Share nonpublic documents, materials or other information with other state, federal and international regulatory agencies, with the national association of insurance commissioners and its affiliates and subsidiaries and with state, federal and international law enforcement authorities if the recipient agrees and warrants that it has the authority to maintain the confidentiality and privileged status of the documents, materials or other information.

2. Receive documents, materials and other information from the national association of insurance commissioners and its affiliates and subsidiaries and from regulatory and law enforcement officials of other jurisdictions and shall maintain as confidential or privileged any document, material or other 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 other information.

3. Enter into agreements that govern the sharing and use of documents, materials and other information and that are consistent with this section.

F. A disclosure to or by the director pursuant to this section or as a result of sharing information pursuant to subsection E is not a waiver of any applicable privilege or claim of confidentiality in the documents, materials or other information disclosed or shared.