Sec. 3. (a) Subject to subsection (c), the commissioner may disclose to any person all or part of any document marked "confidential" in the commissioner's possession as the result of being filed under this article if the following conditions are met:

(1) The commissioner must give written notice of the proposed disclosure to the converting mutual and any other person requesting disclosure.

(2) The converting mutual must be given an opportunity in private to respond to the proposed disclosure.

(3) The commissioner must give consideration to any legitimate interest in preserving trade secrets.

(4) The commissioner must determine that the eligible members or other policyholders have a compelling interest which would be served by disclosure.

(5) At least five (5) business days have elapsed from the converting mutual's receipt of written notice.

(b) The commissioner may disclose information under subsection (a) in a manner and subject to limitations as the commissioner considers appropriate.

(c) If:

(1) not more than six (6) business days have elapsed since the converting mutual received notice of a proposed disclosure; and

(2) the converting mutual has notified the commissioner that it or another interested party has filed an action seeking a protective order from a circuit or superior court to prevent or to limit disclosure;

the commissioner may not disclose the documents or copies of documents during the pendency of the action and any appeal or after any final court decision prohibiting disclosure.

As added by P.L.94-1999, SEC.3.