New Hampshire Revised Statutes 401-D:7 – NAIC and Third-Party Consultants
Current as of: 2023 | Check for updates
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I. The commissioner may retain, at the insurer’s expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner’s staff as may be reasonably necessary to assist the commissioner in reviewing the CGAD and related information or the insurer’s compliance with this chapter.
II. Any persons retained under paragraph I shall be under the direction and control of the commissioner and shall act in a purely advisory capacity.
III. The NAIC and third-party consultants shall be subject to the same confidentiality standards and requirements as the commissioner.
IV. As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer, that it is free of a conflict of interest and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this chapter.
V. A written agreement with the NAIC and/or a third-party consultant governing sharing and use of information provided pursuant to this chapter shall contain the following provisions and expressly require the written consent of the insurer prior to making public information provided under this chapter:
(a) Specific procedures and protocols for maintaining the confidentiality and security of CGAD-related information shared with the NAIC or a third-party consultant pursuant to this chapter.
(b) Procedures and protocols for sharing by the NAIC only 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 CGAD-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality.
(c) A provision specifying that ownership of the CGAD-related information shared with the NAIC or a third party consultant remains with the insurance department and the NAIC’s or third party consultant’s use of the information is subject to the direction of the commissioner.
(d) A provision that prohibits the NAIC or a third party consultant from storing the information shared pursuant to this chapter in a permanent database after the underlying analysis is completed.
(e) A provision requiring the NAIC or third party consultant to provide prompt notice to the commissioner and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer’s CGAD-related information.
(f) A requirement that the NAIC or a third party consultant 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 this chapter.
II. Any persons retained under paragraph I shall be under the direction and control of the commissioner and shall act in a purely advisory capacity.
Terms Used In New Hampshire Revised Statutes 401-D:7
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Subpoena: A command to a witness to appear and give testimony.
III. The NAIC and third-party consultants shall be subject to the same confidentiality standards and requirements as the commissioner.
IV. As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer, that it is free of a conflict of interest and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this chapter.
V. A written agreement with the NAIC and/or a third-party consultant governing sharing and use of information provided pursuant to this chapter shall contain the following provisions and expressly require the written consent of the insurer prior to making public information provided under this chapter:
(a) Specific procedures and protocols for maintaining the confidentiality and security of CGAD-related information shared with the NAIC or a third-party consultant pursuant to this chapter.
(b) Procedures and protocols for sharing by the NAIC only 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 CGAD-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality.
(c) A provision specifying that ownership of the CGAD-related information shared with the NAIC or a third party consultant remains with the insurance department and the NAIC’s or third party consultant’s use of the information is subject to the direction of the commissioner.
(d) A provision that prohibits the NAIC or a third party consultant from storing the information shared pursuant to this chapter in a permanent database after the underlying analysis is completed.
(e) A provision requiring the NAIC or third party consultant to provide prompt notice to the commissioner and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer’s CGAD-related information.
(f) A requirement that the NAIC or a third party consultant 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 this chapter.