Section 58-5A-41.3 - [Effective 7/1/2024] Agreements regarding sharing of confidential information The director must enter into written agreements with the NAIC and any third-party consultant designated by the director governing the sharing and use of information provided pursuant to this chapter that:
(1) Specify procedures and protocols regarding the confidentiality and security of information shared with the NAIC or a third-party consultant designated by the director pursuant to this chapter, including procedures and protocols for sharing by the NAIC with any other state, federal, or international regulator. The agreement must provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the documents, materials, or other information and has verified in writing the legal authority to maintain the confidentiality;(2) Specify that ownership of information shared with the NAIC or a third-party consultant pursuant to this chapter remains with the director and that the NAIC or a third-party consultant, as designated by the director, use of the information is subject to the direction of the director;(3) Prohibit the NAIC or a third-party consultant designated by the director from storing the information shared pursuant to this chapter in a permanent database after the underlying analysis is completed, except as for those materials reported pursuant to section 7 of this Act;(4) Require prompt notice to be given to an insurer whose confidential information is in the possession of the NAIC or a third-party consultant designated by the director pursuant to this chapter and is subject to a request or subpoena issued to the NAIC for disclosure or production;(5) Require the NAIC or a third-party consultant designated by the director to consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third-party consultant designated by the director may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant designated by the director pursuant to this chapter; and(6) If applicable, provide the identity of the consultant to applicable insurers for documents, materials, or information reporting pursuant to section 10 of this Act, in the case of an agreement involving a third-party consultant.Amended by S.L. 2024, ch. TBD,s. 5, eff. 7/1/2024.This section is set out more than once due to postponed, multiple, or conflicting amendments.