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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

141

:
CAPTIVE INSURANCE COMPANIES






Subchapter

004
:
SPECIAL PURPOSE FINANCIAL INSURANCE COMPANIES










 

§

6048o. Confidentiality

(a) All

documents, materials, or other information, including confidential and

privileged documents, examination reports, preliminary examination reports or

results, working papers, recorded information, and copies thereof produced by,

obtained by, or disclosed to the Commissioner or any other person in the course

of an examination made under this subchapter are confidential and shall not be:

(1) subject to

subpoena;

(2) subject to

public inspection and copying under the Public Records Act; or

(3) discoverable

or admissible in evidence in any private civil action.

(b) In

furtherance of his or her regulatory duties, the Commissioner may:

(1) share

documents, materials, or other information, including those that are

confidential and privileged, with other state, federal, or international

regulatory agencies and law enforcement authorities, the National Association

of Insurance Commissioners, the North American Securities Administrators

Association, self-regulatory organizations organized under 15 U.S.C. §§ 78f,

78o-3, and 78q-1, and other self-regulatory organizations and their affiliates

or subsidiaries, provided that the recipient agrees in writing to maintain the

confidentiality and privileged status of the document, material, or other

information;

(2) receive

documents, materials, or information, including those that are confidential and

privileged, from other state, federal, and international regulatory agencies

and law enforcement authorities, the National Association of Insurance

Commissioners, the North American Securities Administrators Association,

self-regulatory organizations organized under 15 U.S.C. §§ 78f, 78o-3, and

78q-1, and other self-regulatory organizations and their affiliates or

subsidiaries and shall maintain as confidential or privileged any document,

material, 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;

(3) enter into

written agreements with other state, federal, and international regulatory

agencies and law enforcement authorities, the National Association of Insurance

Commissioners, the North American Securities Administrators Association,

self-regulatory organizations organized under 15 U.S.C. §§ 78f, 78o-3 and

78q-1, and other self-regulatory organizations and their affiliates or

subsidiaries governing sharing and use of information consistent with this

section, including agreements providing for cooperation between the

Commissioner and other agencies in relation to the activities of a supervisory

college; and

(4) participate

in a supervisory college for any special purpose financial insurer that is part

of an affiliated group with international operations in order to assess the

insurer's compliance with Vermont laws and regulations, as well as to assess

the business strategy, financial condition, risk exposure, risk management,

governance processes, and legal and regulatory position.

(c) Prior to

sharing information under subsection (b) of this section, the Commissioner

shall determine that sharing the information will substantially further the

performance of the regulatory or law enforcement duties of the recipient and

may not be made public by the Commissioner or an employee or agent of the

Commissioner without the written consent of the company, except to the extent

provided in subsection (b) of this section. (Added 2013, No. 29, § 66, eff. May

13, 2013.)