(a) All information, documents, holding company analyses, insurer profile summaries, and copies of the information and documents obtained by or disclosed to the director or any other person in the course of an examination or investigation made under AS 21.22.110 and all information reported under AS 21.22.020(b), 21.22.060, 21.22.085 - 21.22.105, and 21.22.117 and all preacquisition notification information received under AS 21.22.065 shall be given confidential treatment under AS 21.06.060. However, if the director, after giving the insurer and its affiliates who would be affected by publication of the information notice and opportunity to be heard, determines that the interests of policyholders, shareholders, or the public will be served by the publication of the information, the director may publish all or part of the information in the manner the director considers appropriate.

(b) The director may

(1) share documents, materials, or other information, including the confidential information under (a) of this section, with state, federal, and international regulatory agencies, the National Association of Insurance Commissioners and its affiliates and subsidiaries, and state, federal, and international law enforcement authorities, including members of a supervisory college described in AS 21.22.115, if the recipient agrees in writing to maintain the confidentiality of the document, material, or other information and has verified in writing the legal authority to maintain confidentiality;

(2) not share confidential documents, material, or information reported under AS 21.22.060(n) with the insurance regulator of another state, unless the statutes or regulations of the other state are substantially similar to this section and the other state has agreed in writing not to disclose the information;

(3) enter into a written agreement with the National Association of Insurance Commissioners governing sharing and use of information obtained under this chapter that must

(A) specify procedures and protocols regarding the confidentiality and security of information shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries under this chapter, including procedures and protocols for sharing by the National Association of Insurance Commissioners with state, federal, or international regulators;

(B) specify that ownership of information shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries under this chapter remains with the director and that the National Association of Insurance Commissioners' use of the information is subject to the direction of the director;

(C) require prompt notice to be given to an insurer whose confidential information in possession of the National Association of Insurance Commissioners under this chapter is subject to a request or subpoena to the National Association of Insurance Commissioners for disclosure or production; and

(D) require the National Association of Insurance Commissioners and its affiliates and subsidiaries to consent to intervention by an insurer in a judicial or administrative action in which the National Association of Insurance Commissioners and its affiliates and subsidiaries may be required to disclose confidential information about the insurer shared with the National Association of Insurance Commissioners and its affiliates and subsidiaries under this chapter.

(c) The director or a person who receives documents, materials, or other information while acting under the authority of the director or with whom documents, materials, or other information are shared under this chapter may not be permitted or required to testify in any private civil action concerning confidential documents, materials, or information subject to (a) of this section.

(d) The sharing of information by the director under this chapter does not constitute a delegation of regulatory authority or rulemaking. The director is solely responsible for the administration, execution, and enforcement of this chapter.

(e) A waiver of an applicable privilege or claim of confidentiality in the documents, materials, or information under (a) of this section may not be given as a result of disclosure to the director under this section or as a result of sharing as authorized under (b) of this section.

(f) Documents, materials, or other information in the possession or control of the National Association of Insurance Commissioners under this chapter

(1) are confidential by law;

(2) are not subject to

(A) AS 40.25.110 - 40.25.220;

(B) subpoena; or

(C) discovery or admissible in evidence in any private action.