Section 21.22.120. Confidentiality.

   (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, and 21.22.085 - 21.22.105, 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.

Authorities

21.22.115;21.23.060

Notes

Recent Bills that will modify this

HB 164 INSURANCE; RISK MG'T; HOLDING COMPANIES
SB 107 INSURANCE; RISK MG'T; HOLDING COMPANIES

References

AS 21.22.115 Supervisory colleges.
AS 21.23.060 Confidentiality.

History

(Sec. 1 ch 202 SLA 1976; am Sec. 45 ch 67 SLA 1992; am Sec. 40, 41 ch 34 SLA 2015)