Effective - 01 Jan 2019
382.625. Third-party consultants permitted, when — limitation on scope of authority — confidentiality — conflict of interest — written agreement, contents. — 1. The director may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the director's staff, as may be reasonably necessary to assist the director in reviewing the CGAD and related information or the insurer's compliance with sections 382.600 to 382.640.
2. Any persons retained under subsection 1 of this section shall be under the direction and control of the director and shall act in a purely advisory capacity.
3. The NAIC and third-party consultants shall be subject to the same confidentiality standards and requirements as the director.
4. As part of the retention process, a third-party consultant shall verify to the director, 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 sections 382.600 to 382.640.
5. A written agreement with the NAIC or a third-party consultant governing sharing and use of information provided under sections 382.600 to 382.640 shall contain the following provisions and expressly require the written consent of the insurer prior to making public information provided under sections 382.600 to 382.640:
(1) Specific procedures and protocols for maintaining the confidentiality and security of CGAD-related information shared with the NAIC or a third-party consultant under sections 382.600 to 382.640;
(2) 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;
(3) A provision specifying that ownership of the CGAD-related information shared with the NAIC or a third-party consultant remains with the department of commerce and insurance, and the NAIC's or third-party consultant's use of the information is subject to the direction of the director;
(4) A provision that prohibits the NAIC or a third-party consultant from storing the information shared under sections 382.600 to 382.640 in a permanent database after the underlying analysis is completed;
(5) A provision requiring the NAIC or a third-party consultant to provide prompt notice to the director and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer's CGAD-related information; and
(6) A provision requiring the NAIC or a third-party consultant to 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 under sections 382.600 to 382.640.
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(L. 2018 S.B. 593)
Effective 1-01-19
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 382 - Insurance Holding Companies
Section 382.010 - Definitions.
Section 382.020 - Domestic insurers, authorized investments, ownership and management practices.
Section 382.030 - Disposal of investment required, when.
Section 382.050 - Statement, contents.
Section 382.070 - Excepted transactions.
Section 382.080 - Prohibited acts.
Section 382.090 - Jurisdiction, acceptance of — service, how had.
Section 382.100 - Registration required.
Section 382.110 - Registration, form, contents, exempted matter.
Section 382.120 - Information to be kept current, when changes reported.
Section 382.130 - Termination of registration, when.
Section 382.140 - Consolidated registration statements or amendments, when.
Section 382.150 - Registration for affiliates authorized.
Section 382.160 - Exemption from registration and reports, how and when.
Section 382.170 - Disclaimer of affiliation, effect of.
Section 382.175 - Enterprise risk report, contents, filing of, due date.
Section 382.177 - Liquidity stress test, filing of — scope criteria — NAIC compliance.
Section 382.190 - Transactions with affiliates, how conducted.
Section 382.195 - Prohibited transactions, exceptions.
Section 382.200 - Reasonable surplus, how determined.
Section 382.220 - Director, powers of — insurer liable for examination costs.
Section 382.240 - Rules and regulations, how issued.
Section 382.250 - Injunction, when authorized.
Section 382.265 - Penalties, certain actions.
Section 382.270 - Criminal proceedings, when and where commenced, penalty.
Section 382.275 - False reports, filing of, penalty.
Section 382.280 - Director to take possession, when.
Section 382.290 - Revocation of insurer's license, when.
Section 382.300 - Appeals from director's action, procedure.
Section 382.400 - Definitions.
Section 382.402 - Applicability of law.
Section 382.407 - Notice to insured, producer to provide, contents.
Section 382.409 - Noncompliance with law, powers of director — receiver in liquidation, powers.
Section 382.500 - Applicability — findings of general assembly.
Section 382.505 - Definitions.
Section 382.510 - Risk management framework to be maintained.
Section 382.515 - ORSA to be conducted, when.
Section 382.520 - ORSA summary report required, when, contents.
Section 382.525 - Exemptions — waiver — ORSA required, when.
Section 382.540 - Violation, failure to file ORSA summary report.
Section 382.545 - Severability clause.
Section 382.550 - Effective date — first filing date.
Section 382.600 - Purpose — applicability.
Section 382.605 - Definitions.
Section 382.615 - CGAD inquiries, responses to — recordkeeping.
Section 382.630 - Failure to timely file, penalty — enforcement.