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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-63-2006. Confidentiality

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) Documents, materials, or other information, including the corporate governance annual disclosure, in the possession or control of the State Insurance Department and obtained by, created by, or disclosed to the Insurance Commissioner or any other person under this subchapter, is recognized by this state as being proprietary and containing trade secrets.

(b)(1) The information required under subsection (a) of this section:

(A) Is confidential by law and privileged and is not subject to:

(i) Public disclosure;

(ii) Subpoena; and

(iii) Discovery; and

(B) Is not admissible in evidence in any private civil action.

(2) 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.

(3) The commissioner shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer.

(c) This section does not require written consent of the insurer before the commissioner may share or receive confidential documents, materials, or other corporate governance annual disclosure-related information under subsection (e) of this section to assist in the performance of the commissioner's regular duties.

(d) The commissioner or any person who receives documents, materials, or other corporate governance annual disclosure-related information, through examination or otherwise, while acting under the authority of the commissioner, or with whom such documents, materials, or other information is shared under this subchapter shall not be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to subdivision (b)(2) of this section.

(e) In order to assist in the performance of the commissioner's regulatory duties, the commissioner may:

(1)(A) Upon request, share documents, materials, or other corporate governance annual disclosure-related information including the confidential and privileged documents, materials, or information subject to subsection (a) of this section, including proprietary and trade secret documents and materials, with:

(i) Other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531;

(ii) The National Association of Insurance Commissioners; and

(iii) Third-party consultants under § 23-63-2007.

(B) In order to obtain information under subdivision (e)(1)(A) of this section, the recipient agrees in writing to maintain the confidentiality and privileged status of the corporate governance annual disclosure-related documents, material, or other information and has verified in writing the legal authority to maintain confidentiality; and

(2)(A) Receive documents, materials, or other corporate governance annual disclosure-related information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade-secret information or documents, from:

(i) Regulatory officials of other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531; and

(ii) The National Association of Insurance Commissioners.

(B) In order to obtain information under subdivision (e)(2)(A) of this section, the commissioner shall maintain as confidential or privileged any documents, materials, 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.

(f) The sharing of information and documents by the commissioner under this subchapter shall not constitute a delegation of regulatory authority or rulemaking, and the commissioner is solely responsible for the administration, execution, and enforcement of this subchapter.

(g) A waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade-secret materials, or other corporate governance annual disclosure-related information shall not occur as a result of disclosure of any corporate governance annual disclosure-related information or documents to the commissioner under this section or as a result of sharing as authorized under this subchapter.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-63-2006. Confidentiality - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-63-2006/

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