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Oregon Revised Statutes Insurance § 732.672

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) All documents, materials or other information, including any own risk and solvency assessment summary report, that the Department of Consumer and Business Services possesses or controls, that the Director of the Department of Consumer and Business Services obtained or created or that were otherwise disclosed to the director or any other person in the course of implementing ORS 732.650 to 732.672 are confidential, are subject to the provisions of ORS 705.137, 705.138, 705.139 and 731.312 and are not subject to disclosure under ORS 192.410 to 192.505.

(2) Notwithstanding subsection (1) of this section, the director may:

(a) Use the documents, materials or other information in any regulatory or legal action the director brings as a part of the director's official duties.

(b) Share documents, materials or other information related to an own risk and solvency assessment, including confidential documents and information, only:

(A) As provided in ORS 705.137, 705.138 and 705.139 in response to a request from a chief insurance regulatory official, the National Association of Insurance Commissioners or a state, federal, foreign or international law enforcement agency; and

(B) After receiving written consent from the affected insurer.

(c) Share documents or materials or other information related to an own risk and solvency assessment with any third-party consultants the director designates, but only if the consultant:

(A) Agrees in writing to keep the documents, materials or other information confidential; and

(B) Demonstrates in writing and to the director's satisfaction that the consultant has the capacity and legal authority to keep the documents, materials or other information confidential.

(3) In addition to the requirements of ORS 705.137, 705.138 and 731.312, the director shall enter into a written agreement with the National Association of Insurance Commissioners or a third-party consultant that:

(a) Prohibits the National Association of Insurance Commissioners or a third-party consultant from storing the information the director or the department shares under ORS 732.650 to 732.672 in a permanent database after the underlying analysis is complete; and

(b) Requires that an affected insurer must give written consent before a third-party consultant may disclose any documents, material or information the director or the department shares under ORS 732.650 to 732.672.

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Cite this article: FindLaw.com - Oregon Revised Statutes Insurance § 732.672 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-56-insurance/or-rev-st-sect-732-672/

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