20-492.04. Confidentiality

A. Documents, materials or other information, including the CGAD, that are in the possession or control of the department and that are obtained by, created by or disclosed to the director or any other person under this article are recognized by this state as being proprietary and containing trade secrets. All such documents, materials or other information are confidential by law and privileged, are not subject to title 39, chapter 1, article 2, are not subject to subpoena and are not subject to discovery or admissible in evidence in any private civil action. The director is authorized to use the documents, materials or other information in the furtherance of any regulatory or legal action brought as a part of the director's official duties. The director may not otherwise make the documents, materials or other information public without the prior written consent of the insurer. This section does not require written consent of the insurer before the director shares or receives confidential documents, materials or other CGAD-related information pursuant to subsection C of this section.

B. The director or a person who receives documents, materials or other CGAD-related information, through examination or otherwise, while acting under the authority of the director or with whom the documents, materials or other information are shared pursuant to this article is not allowed or required to testify in any private civil action concerning any confidential documents, materials or information subject to subsection A of this section.

C. In order to assist in the performance of the director's regulatory duties, the director may:

1. On request, share documents, materials or other CGAD-related information, including the confidential and privileged documents, materials or information subject to subsection A of this section, including proprietary and trade secret documents and materials, with other state, federal and international financial regulatory agencies, including members of a supervisory college as defined in section 20-481, with the national association of insurance commissioners and with third-party consultants pursuant to section 20-492.05, if the recipient agrees in writing to maintain the confidentiality and privileged status of the CGAD-related documents, materials or other information and verifies in writing the legal authority to maintain confidentiality.

2. Receive documents, materials or other CGAD-related information, including otherwise confidential and privileged documents, materials or information, including proprietary and trade -secret information or documents, from regulatory officials of other state, federal and international financial regulatory agencies, including members of a supervisory college as defined in section 20-481, and from the national association of insurance commissioners and shall maintain as confidential or privileged any document, material or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material or information.

D. The sharing of information and documents by the director pursuant to this article does not constitute a delegation of regulatory authority or rulemaking, and the director is solely responsible for the administration, execution and enforcement of this article.

E. The disclosure of CGAD-related information or documents to the director or as a result of sharing the information and documents as authorized in this article does not constitute a waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade -secret materials or other CGAD-related information.