Vermont Statutes
Chapter 101 - Insurance Companies Generally
§ 3687. Confidential treatment

§ 3687. Confidential treatment
(a) Documents, materials, or other information in the possession or control of the Department that are obtained by or disclosed to the Commissioner or any other person in the course of an examination or investigation made pursuant to section 3686 of this title and all information reported pursuant to subdivisions 3683(b)(12) and (13), section 3684, and section 3685 of this title shall be given confidential treatment, shall not be subject to subpoena, shall not be subject to public inspection and copying under the Public Records Act, shall not be subject to discovery or admissible in evidence in any private civil action, and shall not be made public by the Commissioner or any other person. However, the Commissioner is authorized to use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as a part of the Commissioner’s official duties. The Commissioner shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer to which it pertains unless the Commissioner, after giving the insurer and its affiliates who would be affected thereby notice and opportunity to be heard, determines that the interests of policyholders, shareholders, or the public will be served by the publication thereof, in which event he or she may publish all or any part thereof in such manner as he or she may deem appropriate.
(b) Neither the Commissioner nor any person who received documents, materials, or other information while acting under the authority of the Commissioner or with whom such documents, materials, or other information are shared pursuant to this chapter shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to subsection (a) of this section.
(c) In order to assist in the performance of the Commissioner’s duties, the Commissioner:
(1) may share documents, materials, or other information, including the confidential and privileged documents, materials, or information subject to subsection (a) of this section, with other state, federal, and international regulatory agencies, with the NAIC and its affiliates and subsidiaries, and with state, federal, and international law enforcement authorities, including members of any supervisory college described in section 3695 of this title, provided that the recipient agrees in writing to maintain the confidentiality and privileged status of the document, material, or other information and has verified in writing the legal authority to maintain confidentiality;
(2) notwithstanding subdivision (1) of this subsection, may only share confidential and privileged documents, material, or information reported pursuant to subsection 3684(m) of this chapter with commissioners of states having statutes or regulations substantially similar to subsection (a) of this section and who have agreed in writing not to disclose such information;
(3) may receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from the NAIC and its affiliates and subsidiaries and from regulatory and law enforcement officials of other foreign or domestic jurisdictions 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; and
(4) shall enter into written agreements with the NAIC governing sharing and use of information provided under this chapter consistent with this subsection that shall:
(A) specify procedures and protocols regarding the confidentiality and security of information shared with the NAIC and its affiliates and subsidiaries pursuant to this section, including procedures and protocols for sharing by the NAIC with other state, federal, or international regulators;
(B) specify that ownership of information shared with the NAIC and its affiliates and subsidiaries pursuant to this section remains with the Commissioner and the NAIC’s use of the information is subject to the direction of the Commissioner;
(C) require prompt notice be given to an insurer whose confidential information in the possession of the NAIC under this section is subject to a request or subpoena to the NAIC for disclosure or production; and
(D) require the NAIC and its affiliates and subsidiaries to consent to intervention by an insurer in any judicial or administrative action in which the NAIC and its affiliates and subsidiaries may be required to disclose confidential information about the insurer shared with the NAIC and its affiliates and subsidiaries pursuant to this section.
(d) The sharing of information by the Commissioner pursuant to this section shall not constitute a delegation of regulatory authority or rulemaking, and the Commissioner is solely responsible for the administration, execution, and enforcement of the provisions of this section.
(e) No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of disclosure to the Commissioner under this section or as a result of sharing as authorized in subsection (c) of this section.
(f) Documents, materials, or other information in the possession or control of the NAIC pursuant to this section shall be confidential by law and privileged, shall not be subject to public inspection and copying under the Public Records Act, shall not be subject to subpoena, shall not be subject to discovery or admissible in evidence in any private civil action, and shall not be made public by the Commissioner or any other person. (Added 1971, No. 72, § 2; amended 2013, No. 29, § 33, eff. May 13, 2013.)

Structure Vermont Statutes

Vermont Statutes

Title 8 - Banking and Insurance

Chapter 101 - Insurance Companies Generally

§ 3301. Purposes

§ 3301a. Insurance defined

§ 3302. Plan of organization; incorporators

§ 3303. Mutual companies; directors, charter provisions as to

§ 3304. Capital and surplus requirements

§ 3305. Petition; hearing

§ 3306. Duties of Secretary of State, records

§ 3307. Consideration for stock

§ 3308. List of stockholders; certificate to transact business; liability of president and directors

§ 3308a. Reorganization formations

§ 3309. Mutual insurers to commence business; when

§ 3310. Amendment of charter

§ 3311. Quorum

§ 3312. Construction with other laws

§ 3313. Proxies

§ 3314. Annual financial statements; reports; filing fee

§ 3315. Coordinated regulation

§ 3316. Corporate governance; disclosure

§ 3361. Requirements for license

§ 3362. Authority to transact various kinds of insurance business

§ 3363. Revocation of license

§ 3364. Authorization for investment purposes only

§ 3365. Plan of organization

§ 3366. Assets of companies

§ 3367. Retaliatory provisions

§ 3368. Transacting business without certificate of authority prohibited

§ 3368a. Unauthorized and misleading transactions

§ 3369. Commissioner may enjoin unauthorized insurer

§ 3370. Service of process upon unauthorized insurer by director

§ 3371. Limits of risk

§ 3381. Legislative purpose and policy

§ 3382. Acts which constitute Secretary of State agent for service of process

§ 3383. Service upon the Secretary of State notice to defendant

§ 3384. Service upon other agents; notice to defendant

§ 3386. Effect on other modes of service

§ 3387. Prerequisites to defense of action

§ 3388. Postponements

§ 3389. Motion to quash for improper service

§ 3390. Attorney’s fees

§ 3421. Mutualization of stock insurer

§ 3422. Mutual insurers—Prohibitions

§ 3423. Converting mutual insurer or mutual insurance holding company

§ 3424. Procedure for merger

§ 3425. Procedure for consolidation

§ 3426. Effective date of merger or consolidation

§ 3427. Voting

§ 3428. Rights of dissenting shareholders

§ 3429. Rights of dissenting members or policyholders

§ 3430. Effect of merger or consolidation

§ 3431. Merger or consolidation between domestic and foreign insurers—Requirements

§ 3432. Transfer of deposits

§ 3433. Certificates of fees and commissions paid

§ 3434. Fees—Penalty for receiving

§ 3437. Redomestication; approval as a domestic insurer

§ 3438. Redomestication; conversion to foreign insurer

§ 3439. Effects of redomestication

§ 3440. Redomestication; fees

§ 3441. Formation of a mutual insurance holding company

§ 3442. Merger of mutual insurance company into an existing mutual insurance holding company; merger and acquisition by mutual insurance holding company or subsidiary of mutual insurance holding company

§ 3443. Regulated as an insurance company

§ 3444. Demutualization of a mutual insurance holding company

§ 3445. Membership interest not a security

§ 3446. Filing of amended charters

§ 3461. Definitions

§ 3461a. General limitations and diversification requirements for property and casualty, financial guaranty and mortgage guaranty insurers

§ 3461b. General limitations and diversification requirements for life and health insurers

§ 3461c. Rated credit investments

§ 3461d. Registration or filing exemption

§ 3462. Investments—Foreign insurers

§ 3463. Domestic insurers

§ 3463a. Valuation of investments

§ 3465. Exemption from investment limitations

§ 3467. Qualification of investments

§ 3468. Investments qualified under prior law

§ 3469. Loans to directors and officers—Restrictions

§ 3470. Mortgage loans to minors

§ 3471. Mortgages on real and personal property as liens; priorities

§ 3472. Earnings statements and income ratios—Special situations

§ 3501. Life insurance and annuities

§ 3502. Insurance—Other life insurance and annuities

§ 3503. Deposits of domestic insurer doing foreign business

§ 3504. Pension system

§ 3541. Filing and approval of forms

§ 3542. Grounds for disapproval

§ 3543. Existing forms and filings

§ 3552. Fees assessed by the National Association of Insurance Commissioners

§ 3561. Annual statement

§ 3562. Time reports due

§ 3563. Examination of companies; fees

§ 3564. Examination of foreign insurers; expenses

§ 3565. Examination of officers and books

§ 3566. Penalty for refusal

§ 3567. Liquor liability insurance records

§ 3568. Preservation of records

§ 3569. National Association of Insurance Commissioners filing requirements

§ 3570. Immunity

§ 3571. Confidentiality

§ 3572. Revocation of certificate of authority

§ 3573. Conduct of examinations

§ 3574. Examination reports

§ 3575. Conflict of interest

§ 3576. Immunity from liability

§ 3577. Requirements for actuarial opinions

§ 3578a. Annual financial reporting

§ 3579. Qualified accountants

§ 3581. Purpose; scope; intent

§ 3582. Definitions

§ 3583. Risk management framework

§ 3584. ORSA requirement

§ 3585. Summary report

§ 3586. Exemption

§ 3587. Contents of ORSA summary report

§ 3588. Confidentiality

§ 3589. Sanctions

§ 3604. Offset

§ 3611. Scope of subchapter; short title

§ 3612. Definitions

§ 3613. Creation of Association

§ 3614. Board of Directors

§ 3615. Powers and duties of Association

§ 3616. Plan of operation

§ 3617. Powers and duties of Commissioner

§ 3618. Effect of paid claims

§ 3619. Nonduplication of recovery

§ 3620. Prevention of insolvencies

§ 3621. Examination of Association

§ 3622. Tax exemption

§ 3623. Recognition of assessments in rates

§ 3624. Immunity

§ 3625. Stay of proceedings; reopening of default judgment

§ 3626. Prohibition against advertising of membership in Association

§ 3634a. Credit for reinsurance

§ 3635. Insolvency of ceding company

§ 3636. Reinsurance contract

§ 3641. Claims, rights, title, and interests of nonresidents

§ 3642. Liability for payments to nonresidents

§ 3661. Cease and desist powers; prosecutions and penalties

§ 3662. Nonpayment of judgment; penalty

§ 3663. Minimum limitation on actions; void policy provisions

§ 3664. Forms; filing proof of loss and other documents, waiver of filing

§ 3665a. Timely payment of property and casualty insurance claims; interest

§ 3665b. Timely payment of life insurance claims and annuity death benefits; interest

§ 3665c. Damages

§ 3666. Rules; methods of notice

§ 3671. Disclosure of information

§ 3672. Immunity

§ 3673. Penalty for noncompliance

§ 3681. Definitions

§ 3682. Subsidiaries of insurers

§ 3683. Acquisition of control of or merger with domestic insurer

§ 3683a. Acquisitions involving insurers not otherwise covered

§ 3684. Registration of insurers

§ 3685. Standards and management of an insurer within an insurance holding company system

§ 3686. Examination

§ 3687. Confidential treatment

§ 3688. Rules and regulations

§ 3689. Injunctions; prohibitions against voting securities; sequestration of voting securities

§ 3690. Sanctions

§ 3691. Receivership

§ 3692. Revocation, suspension, or nonrenewal of insurer’s license

§ 3693. Judicial review

§ 3694. Recovery

§ 3695. Supervisory colleges

§ 3696. Groupwide supervisor; internationally active insurance group