(a) The statement of actuarial opinion shall be filed with the annual statement required by § 23-63-216 and treated as a public record under the Freedom of Information Act of 1967, § 25-19-101 et seq.

(b) (1) Documents, materials, or other information in the possession or control of the State Insurance Department that are considered an actuarial report, work papers, or an actuarial opinion summary provided in support of the statement of actuarial opinion, and any other material provided by the property and casualty insurance company to the Insurance Commissioner in connection with the actuarial report, work papers, or actuarial opinion summary are:

(A) Confidential by law;

(B) Privileged;

(C) Conclusively presumed to be records that would give advantage to competitors under § 25-19-105(b)(9)(A);

(D) Not subject to subpoena; and

(E) Not discoverable or admissible as evidence in a private civil action.

(2) This subsection does not limit the commissioner's authority to:

(A) Release the documents, materials, or other information to the Actuarial Board for Counseling and Discipline if:

(i) The documents, materials, or other information is required for professional disciplinary proceedings; and

(ii) The board establishes procedures satisfactory to the commissioner for preserving the confidentiality of the documents, materials, or other information; or

(B) Use the documents, materials, or other information in furtherance of any regulatory or legal action brought as part of the commissioner's official duties.

(c) The commissioner or any person who received documents, materials, or other information while acting under the authority of the commissioner shall not testify in a private civil action concerning any confidential documents, materials, or information described in subsection (b) of this section.

(d) To assist the performance of the commissioner's duties, the commissioner may:

(1) Share with the following entities the documents, materials, or other information described in subsection (b) of this section if the respective entity agrees to maintain the confidentiality and privileged status of documents, materials, or other information and has the legal authority to maintain confidentiality:

(A) Other state, federal, and international regulatory agencies;

(B) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and

(C) State, federal, and international law enforcement authorities;

(2) (A) Receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from:

(i) The National Association of Insurance Commissioners and its affiliates and subsidiaries; and

(ii) Regulatory and law enforcement officials of other foreign or domestic jurisdictions.

(B) The commissioner 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; and

(3) Enter into agreements governing the sharing and use of information consistent with this subsection and subsections (b) and (c) of this section.

(e) A waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information described in subsection (b) of this section shall not occur as a result of disclosure to the commissioner under this section or as a result of sharing a document, material, or other information under subsection (d) of this section.