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Indiana Code Title 27. Insurance § 27-1-4.1-12

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 12. (a) The commissioner may, at the insurer's expense, retain third party consultants, including attorneys, actuaries, accountants, and others who are not part of the commissioner's staff, that:

(1) the commissioner considers necessary to review a CGAD, related information, or the insurer's or insurance group's compliance with this chapter;  and

(2) have verified, with notice to the insurer, that the third party consultant:

(A) has no conflict of interest affecting the commissioner's retention of the third party consultant;  and

(B) has internal procedures to:

(i) monitor whether a conflict of interest arises after the third party consultant has been retained;  and

(ii) comply with the confidentiality requirements of this chapter.

(b) A third party consultant who is retained under subsection (a) is under the direction and control of the commissioner and acts only in an advisory capacity.

(c) The NAIC and a third party consultant who is retained under subsection (a) are subject to the same confidentiality requirements as the confidentiality requirements that apply to the commissioner under this chapter.  The NAIC may share information received under this chapter only with state regulators from states in which insurers that are members of an insurance group are domiciled.

(d) 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 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:

(A) agrees in writing;  and

(B) 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 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 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 CGAD related information of an insurer that is in the possession of the NAIC or 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 third party consultant will provide prompt notice to the commissioner and to the insurer or insurance group.

(6) A requirement that the NAIC or 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) An express requirement that the written consent of the insurer or insurance group is required before the NAIC or third party consultant makes public any information shared under this chapter.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-4.1-12 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-4-1-12/

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