Okla. Admin. Code § 365:25-7-86

Current through Vol. 41, No. 19, June 17, 2024

Section 365:25-7-86 - Supervisory Colleges

(a) Information exchange is particularly important for the operation of a Supervisory College as provided by 36 O.S. § 1638. The effectiveness of a Supervisory College depends upon the mutual trust and confidence between participating Regulators, particularly in relation to exchange and protection of confidential information.

(b) In connection with the exchange of confidential information between the Commissioner and a Supervisory College, appropriate information exchange agreements must be in place prior to exchange of such information.

(c) Where confidential information exchanged within a Supervisory College is also communicated to other Regulators, there shall be a formal mechanism in place with these Regulators to ensure the protection of the confidential information.

(d) The Commissioner shall inform any other Regulator in its jurisdiction and the Regulators of insurance group entities in other jurisdictions in advance of taking any action that might reasonably be considered to affect those group entities. Where prior notification is not possible, the Commissioner shall inform other relevant Regulators as soon as possible after taking action.

(e) The Commissioner shall proactively exchange material and relevant information with other Regulators. Relevant proactively provided information includes but is not limited to:

(1) Any information the Commissioner considers will facilitate the effective supervision of groups or entities in the group;

(2) Any event or series of events that may have a significant bearing on the operations of group entities operating in the jurisdictions of other Regulators;

(3) Information that may affect the financial system of another jurisdiction;

(4) Information that may affect the financial condition or other interests of the policyholders of a group entity in another jurisdiction; and

(5) Prior notification to another Regulator of any action to be undertaken which relies on information received from that Regulator, subject to requirements applicable to criminal statutes and other similar laws.

(f) In deciding whether and to what extent to fulfill a request by another Regulator for information, the Commissioner may take into account matters such as, but not limited to:

(1) Whether it would be contrary to the essential interest of Oklahoma;

(2) The existence of a requisite written agreement between the Commissioner and the requesting Regulator to maintain the confidentiality of any information exchanged;

(3) The nature of the information to be exchanged;

(4) The use to which the information will be put.

(g) Requests for information shall be made in writing.

(h) When exchanging relevant information and in responding to requests from Regulators seeking information, the Commissioner shall respond in a timely and comprehensive manner. Strict reciprocity in terms of the level, format and detailed characteristics of information exchanged shall not be required by the Commissioner. The originating Regulator may attach conditions to the subsequent exchange of the information to other Regulators. Conditions imposed by the originating Regulator on the exchange of information should not prevent the receiving Regulator from being able to use the information for its own purposes

(i) Before exchanging confidential information, the Commissioner shall ensure that the party receiving the information is bound by confidentiality requirements.

(j) The Commissioner shall generally permit the information that he or she exchanges with another Regulator to be passed on to other relevant Regulators, provided the necessary confidentiality requirements are in place.

(k) When the Commissioner receives confidential information from another Regulator, the information shall only be used for the purposes specified when the information was requested. Before using such information for another purpose, including exchanging it with other parties, the Commissioner shall obtain the agreement of the originating Regulator.

(l) In the event that the Commissioner is legally compelled to disclose confidential information received from another Regulator, the Commissioner shall promptly notify the originating Regulator, indicating what information he or she is being compelled to release and the circumstances surrounding the release. Where consent to passing this information on is not given, the Commissioner shall use all reasonable means to resist the demand and to protect the confidentiality of the information.

Okla. Admin. Code § 365:25-7-86

Adopted by Oklahoma Register, Volume 34, Issue 24, September 1, 2017, eff. 9/15/2017

Amended byOklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018