Indiana Code
Chapter 12.8. Standard Valuation Law
27-1-12.8-22. Supporting Memorandum; Confidentiality and Privilege

Sec. 22. (a) This section applies before the operative date of the Valuation Manual.
(b) Except as otherwise provided in this section, a supporting memorandum submitted by a company as required by section 21 of this chapter and material provided to the commissioner by the company in connection with the supporting memorandum:
(1) are confidential;
(2) are not subject to subpoena; and
(3) are not subject to discovery or admissible in evidence in a private civil action.
However, the commissioner may use the materials and information in connection with a regulatory or legal action brought as part of the commissioner's duties.
(c) The commissioner, or a person receiving documents, materials, or other information while acting under the authority of the commissioner, is not permitted or required to testify in a private civil action concerning information that is confidential as described in subsection (b).
(d) The commissioner may disclose documents, materials, and other information, including the information described in subsection (b), to:
(1) other state, federal, and international regulatory agencies;
(2) the NAIC and affiliates and subsidiaries of the NAIC; and
(3) state, federal, and international law enforcement authorities;
if the recipient agrees to maintain the confidential and privileged status of the documents, materials, and other information.
(e) The commissioner:
(1) may receive documents, materials, and other information, including confidential and privileged documents, materials, and information, from:
(A) other state, federal, and international regulatory agencies;
(B) the NAIC and affiliates and subsidiaries of the NAIC; and
(C) other state, federal, and international law enforcement authorities;
(2) shall maintain as confidential or privileged all documents, materials, and other information received with notice or the understanding that the documents, materials, and information are confidential or privileged under the law of the jurisdiction that is the source of the documents, materials, and information; and
(3) may enter into agreements governing sharing and use of information consistent with subsections (b) through (d).
(f) Any applicable privilege or claim of confidentiality in documents, materials, or information described in this section is not waived as a result of the disclosure or receipt of the documents, materials, or information by the commissioner as authorized by this section.
(g) A supporting memorandum described in section 21 of this chapter and other material provided by the company to the commissioner in connection with the supporting memorandum may:
(1) be subject to subpoena to defend an action seeking damages from the actuary who submitted the supporting memorandum under section 21 of this chapter; and
(2) be released by the commissioner:
(A) with the written consent of the company; or
(B) to the American Academy of Actuaries in response to a written request that:
(i) states that the memorandum or other material is required for the purpose of professional disciplinary proceedings; and
(ii) sets forth procedures satisfactory to the commissioner for preserving the confidentiality of the supporting memorandum or other material.
(h) If any part of a supporting memorandum described in section 21 of this chapter is:
(1) cited by the company in the company's marketing;
(2) cited before a governmental agency other than a state insurance department; or
(3) released by the company to the news media;
all parts of the supporting memorandum are no longer confidential.
(i) The commissioner shall adopt rules under IC 4-22-2 containing the minimum standards for the valuation of accident and sickness insurance contracts.
As added by P.L.276-2013, SEC.10. Amended by P.L.124-2018, SEC.23.

Structure Indiana Code

Indiana Code

Title 27. Insurance

Article 1. Department of Insurance

Chapter 12.8. Standard Valuation Law

27-1-12.8-1. "Accident and Sickness Insurance"

27-1-12.8-2. "Appointed Actuary"

27-1-12.8-3. "Change in Fund Basis"

27-1-12.8-4. "Company"

27-1-12.8-5. "Confidential Information"

27-1-12.8-6. "Contract"

27-1-12.8-7. "Contractholder Behavior"

27-1-12.8-8. "Deposit Type Contract"

27-1-12.8-9. "Issue Year Basis"

27-1-12.8-10. "Life Insurance"

27-1-12.8-11. "Naic"

27-1-12.8-12. "Plan Type"

27-1-12.8-13. "Principal Based Valuation"

27-1-12.8-14. "Qualified Actuary"

27-1-12.8-15. "Reserves"

27-1-12.8-16. "Tail Risk"

27-1-12.8-17. Repealed

27-1-12.8-18. Net Reserve Value of Contracts Issued Before Transition Date or January 1, 1948; Mortality Tables

27-1-12.8-19. Valuation of Contracts, Annuities, and Endowment Contracts After Transition Date or January 1, 1948, and Before Operative Date of Valuation Manual

27-1-12.8-20. Annual Reserve Valuation

27-1-12.8-21. Annual Submission of Qualified Actuary Opinion; Requirements

27-1-12.8-22. Supporting Memorandum; Confidentiality and Privilege

27-1-12.8-23. Annual Submission of Appointed Actuary Opinion; Supporting Memorandum; Requirements

27-1-12.8-24. Minimum Standard for Valuation of Contracts; Mortality Tables

27-1-12.8-25. Minimum Standard for Valuation of Annuities and Pure Endowment Contracts; Mortality Tables

27-1-12.8-26. Interest Rates in Determining Minimum Standard for Valuation

27-1-12.8-27. Reserves According to Commissioners Reserve Valuation Method

27-1-12.8-28. Reserves According to Commissioners Annuity Reserve Method

27-1-12.8-29. Aggregate Reserves

27-1-12.8-30. Reserves; Calculation

27-1-12.8-31. Minimum Reserve Requirement Related to Gross Premium

27-1-12.8-32. Minimum Reserve Requirement for Certain Contracts

27-1-12.8-33. Accident and Sickness Insurance Contracts

27-1-12.8-34. Minimum Standard of Valuation for Contracts Issued on or After Operative Date of Valuation Manual; Operative Date Determination; Changes to Valuation Manual; Requirements

27-1-12.8-35. Principal Based Valuation for Contracts on and After Operative Date of Valuation Manual

27-1-12.8-36. Submission of Data Prescribed by Valuation Manual

27-1-12.8-37. Confidential Information

27-1-12.8-38. Confidential Information; Release

27-1-12.8-39. Exemptions of Certain Products From Requirements

27-1-12.8-40. Conflict of Laws; Application of Chapter