Iowa Code 507.14 – Confidential documents — exceptions
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Terms Used In Iowa Code 507.14
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
507.14 Confidential documents — exceptions.
1. A preliminary report of an examination of a domestic or foreign insurer, and all notes, work papers, or other documents related to an examination of an insurer are confidential records under chapter 22 except when sought by the insurer to whom they relate, an insurance regulator of another state, or the national association of insurance commissioners, and shall be privileged and confidential in any judicial or administrative proceeding except any of the following:
a. An action commenced by the commissioner under chapter 507C.
b. An administrative proceeding brought by the insurance division under chapter 17A.
c. A judicial review proceeding under chapter 17A brought by an insurer to whom the records relate.
d. An action or proceeding which arises out of the criminal provisions of the laws of this state or the United States.
e. An action brought in a shareholders’ derivative suit against an insurer.
f. An action brought to recover moneys or to recover upon an indemnity bond for embezzlement, misappropriation, or misuse of insurer funds.
2. A report of an examination of a domestic or foreign insurer which is preliminary under the rules of the division is a confidential record under chapter 22 except when sought by the insurer to which the report relates or an insurance regulator of another state, and is privileged and confidential in any judicial or administrative proceeding.
3. All work papers, notes, recorded information, documents, market conduct annual statements, and copies thereof that are produced or obtained by or disclosed to the commissioner or any other person in the course of analysis by the commissioner of the financial condition or market conduct of an insurer are confidential records under chapter
22 and shall be privileged and confidential in any judicial or administrative proceeding except any of the following:
a. An action commenced by the commissioner under chapter 507C.
b. An administrative proceeding brought by the insurance division under chapter 17A.
c. A judicial review proceeding under chapter 17A brought by an insurer to whom the records relate.
d. An action or proceeding which arises out of the criminal provisions of the laws of this state or the United States.
4. Confidential documents, materials, information, administrative or judicial orders, or other actions may be disclosed to a regulatory official of any state, federal agency, or foreign country provided that the recipients are required, under the law of the recipients’ jurisdiction, to maintain confidentiality of the documents, materials, information, orders, or other actions. Confidential records may be disclosed to the national association of insurance commissioners, the international association of insurance supervisors, and the bank for international settlements provided that the associations and bank certify by written statement that the confidentiality of the records will be maintained.
5. A financial statement filed by an employer self-insuring workers’ compensation liability pursuant to § 87.11, or the working papers of an examiner or the division in connection with calculating appropriate security and reserves for the self-insured employer are confidential records under chapter 22 except when sought by the employer to which the financial statement or working papers relate or an insurance or workers’ compensation self-insurance regulator of another state, and are privileged and confidential in any judicial or administrative proceeding. The financial information of a nonpublicly traded employer which self-insures for workers’ compensation liability pursuant to § 87.11 is protected as proprietary trade secrets to the extent consistent with the commissioner’s duties to oversee the security of self-insured workers’ compensation liability.
1. A preliminary report of an examination of a domestic or foreign insurer, and all notes, work papers, or other documents related to an examination of an insurer are confidential records under chapter 22 except when sought by the insurer to whom they relate, an insurance regulator of another state, or the national association of insurance commissioners, and shall be privileged and confidential in any judicial or administrative proceeding except any of the following:
a. An action commenced by the commissioner under chapter 507C.
b. An administrative proceeding brought by the insurance division under chapter 17A.
c. A judicial review proceeding under chapter 17A brought by an insurer to whom the records relate.
d. An action or proceeding which arises out of the criminal provisions of the laws of this state or the United States.
e. An action brought in a shareholders’ derivative suit against an insurer.
f. An action brought to recover moneys or to recover upon an indemnity bond for embezzlement, misappropriation, or misuse of insurer funds.
2. A report of an examination of a domestic or foreign insurer which is preliminary under the rules of the division is a confidential record under chapter 22 except when sought by the insurer to which the report relates or an insurance regulator of another state, and is privileged and confidential in any judicial or administrative proceeding.
3. All work papers, notes, recorded information, documents, market conduct annual statements, and copies thereof that are produced or obtained by or disclosed to the commissioner or any other person in the course of analysis by the commissioner of the financial condition or market conduct of an insurer are confidential records under chapter
22 and shall be privileged and confidential in any judicial or administrative proceeding except any of the following:
a. An action commenced by the commissioner under chapter 507C.
b. An administrative proceeding brought by the insurance division under chapter 17A.
c. A judicial review proceeding under chapter 17A brought by an insurer to whom the records relate.
d. An action or proceeding which arises out of the criminal provisions of the laws of this state or the United States.
4. Confidential documents, materials, information, administrative or judicial orders, or other actions may be disclosed to a regulatory official of any state, federal agency, or foreign country provided that the recipients are required, under the law of the recipients’ jurisdiction, to maintain confidentiality of the documents, materials, information, orders, or other actions. Confidential records may be disclosed to the national association of insurance commissioners, the international association of insurance supervisors, and the bank for international settlements provided that the associations and bank certify by written statement that the confidentiality of the records will be maintained.
5. A financial statement filed by an employer self-insuring workers’ compensation liability pursuant to § 87.11, or the working papers of an examiner or the division in connection with calculating appropriate security and reserves for the self-insured employer are confidential records under chapter 22 except when sought by the employer to which the financial statement or working papers relate or an insurance or workers’ compensation self-insurance regulator of another state, and are privileged and confidential in any judicial or administrative proceeding. The financial information of a nonpublicly traded employer which self-insures for workers’ compensation liability pursuant to § 87.11 is protected as proprietary trade secrets to the extent consistent with the commissioner’s duties to oversee the security of self-insured workers’ compensation liability.
§507.14, EXAMINATION OF INSURANCE COMPANIES 2
6. Analysis notes, work papers, or other documents related to the analysis of an insurer are confidential records under chapter 22.
[S13, §1821-d; C24, 27, 31, 35, 39, §8638; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81,
§507.14]
90 Acts, ch 1234, §3; 91 Acts, ch 26, §34; 92 Acts, ch 1117, §6; 2004 Acts, ch 1110, §17; 2006
Acts, ch 1117, §20; 2012 Acts, ch 1138, §34; 2013 Acts, ch 90, §150
Referred to in §22.7(53), 508.36, 508E.7, 510B.10, 515H.3, 616.15
Documents in support of statements of actuarial opinion, see §515H.3