Indiana Code
Chapter 23.5. Risk Management and Own Risk and Solvency Assessment
27-1-23.5-13. Documents, Materials, Other Information

Sec. 13. (a) Documents, materials, and other information related to an ORSA, including an ORSA summary report, in the possession of or control of the department that are obtained by, created by, or disclosed to the commissioner or another person under this chapter, are:
(1) considered to be proprietary and contain trade secrets;
(2) confidential and privileged;
(3) not subject to subpoena; and
(4) not subject to discovery or admissible in evidence in a private civil action.
(b) The commissioner may:
(1) use the documents, materials, and other information described in subsection (a) in relation to a regulatory or legal action brought as part of the commissioner's duties; and
(2) otherwise make the documents, materials, and other information public only with the prior written consent of the insurer or insurance group.
(c) The commissioner, and any other person:
(1) who receives documents, materials, or other information related to an ORSA while acting under the authority of the commissioner; or
(2) with whom the documents, materials, or other information are shared;
under this chapter is not permitted or required to testify in a private civil action concerning any documents, materials, or other information described in subsection (a).
(d) The commissioner may do the following:
(1) Upon request, share all documents, materials, and other information described in subsection (a) with the following if the recipient agrees in writing, and provides written verification that the recipient has the legal authority, to maintain the confidential and privileged status of the documents, materials, and other information:
(A) Other state, federal, and international financial regulatory agencies.
(B) The NAIC.
(C) Members of a supervisory college.
(D) A third party consultant designated by the commissioner.
(2) Receive documents, materials, and other information described in subsection (a) from:
(A) regulatory officials of domestic or foreign jurisdictions;
(B) members of a supervisory college; and
(C) the NAIC;
if the commissioner maintains the confidential or privileged status of the documents, materials, and other information that are received with notice or the understanding that the documents, materials, and other information are confidential or privileged under the laws of the jurisdiction that is the source of the documents, materials, and other information.
(e) The commissioner shall enter into a written agreement with the NAIC or a third party consultant governing sharing and use of information provided under this chapter, including the following:
(1) Procedures and protocols concerning the confidentiality and security of information shared:
(A) with the NAIC or a third party consultant under this chapter; and
(B) by the NAIC with regulators of other states in which insurers that are members of an insurance group are domiciled.
(2) A statement that the recipient agrees in writing, and provides written verification that the recipient has the legal authority, to maintain the confidential and privileged status of the documents, materials, and other information.
(3) A statement that, with respect to information shared with the NAIC or a third party consultant under this chapter:
(A) the commissioner maintains ownership of the information; and
(B) the use of the information is subject to the direction of the commissioner.
(4) A statement that the NAIC or a third party consultant may not store information shared under this chapter in a permanent data base after the underlying analysis is completed.
(5) A requirement that, if confidential information of an insurer that is in the possession of the NAIC or a third party consultant under this chapter is subject to a request or subpoena to the NAIC or third party consultant for production or disclosure, the NAIC or a third party consultant will provide prompt notice to the insurer.
(6) A requirement that the NAIC or a third party consultant will allow intervention by an insurer in a judicial or administrative action under which the NAIC or third party consultant may be required to disclose confidential information concerning the insurer that has been shared with the NAIC or third party consultant under this chapter.
(7) If the written agreement is with a third party consultant, a statement that the insurer's written consent is required for the sharing of the information with the third party consultant.
(f) The sharing of information by the commissioner under this chapter is not a delegation of regulatory authority. The commissioner is solely responsible for the administration, implementation, and enforcement of this chapter.
(g) Disclosure to or sharing by the commissioner of documents, materials, or other information under this chapter is not a waiver of any applicable privilege or claim of confidentiality in the documents, materials, or other information.
(h) Documents, materials, and other information in the possession or control of the NAIC or a third party consultant under this chapter are:
(1) confidential and privileged;
(2) not subject to subpoena; and
(3) not discoverable or admissible in evidence in a private civil action.
As added by P.L.129-2014, SEC.8.