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23-63-2006. Confidentiality.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-2006. Confidentiality.
(a) Documents, materials, or other information, including the corporate governance annual disclosure, in the possession or control of the State Insurance Department and obtained by, created by, or disclosed to the Insurance Commissioner or any other person under this subchapter, is recognized by this state as being proprietary and containing trade secrets.
(b)(1) The information required under subsection (a) of this section:
(A) Is confidential by law and privileged and is not subject to:
(i) Public disclosure;
(ii) Subpoena; and
(iii) Discovery; and
(B) Is not admissible in evidence in any private civil action.
(2) The commissioner 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 commissioner's official duties.
(3) The commissioner shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer.
(c) This section does not require written consent of the insurer before the commissioner may share or receive confidential documents, materials, or other corporate governance annual disclosure-related information under subsection (e) of this section to assist in the performance of the commissioner's regular duties.
(d) The commissioner or any person who receives documents, materials, or other corporate governance annual disclosure-related information, through examination or otherwise, while acting under the authority of the commissioner, or with whom such documents, materials, or other information is shared under this subchapter shall not be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subj
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-2006
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-63-2006
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2b62ff4b63dca36092190f66ff338be71dea72a816e8f322133d67b89f41213a
Source location: content.xml paragraph 34705
Stored source content
23-63-2006. Confidentiality.
(a) Documents, materials, or other information, including the corporate governance annual disclosure, in the possession or control of the State Insurance Department and obtained by, created by, or disclosed to the Insurance Commissioner or any other person under this subchapter, is recognized by this state as being proprietary and containing trade secrets.
(b)(1) The information required under subsection (a) of this section:
(A) Is confidential by law and privileged and is not subject to:
(i) Public disclosure;
(ii) Subpoena; and
(iii) Discovery; and
(B) Is not admissible in evidence in any private civil action.
(2) The commissioner 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 commissioner's official duties.
(3) The commissioner shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer.
(c) This section does not require written consent of the insurer before the commissioner may share or receive confidential documents, materials, or other corporate governance annual disclosure-related information under subsection (e) of this section to assist in the performance of the commissioner's regular duties.
(d) The commissioner or any person who receives documents, materials, or other corporate governance annual disclosure-related information, through examination or otherwise, while acting under the authority of the commissioner, or with whom such documents, materials, or other information is shared under this subchapter shall not be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to subdivision (b)(2) of this section.
(e) In order to assist in the performance of the commissioner's regulatory duties, the commissioner may:
(1)(A) Upon request, share documents, materials, or other corporate governance annual disclosure-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:
(i) Other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531;
(ii) The National Association of Insurance Commissioners; and
(iii) Third-party consultants under § 23-63-2007.
(B) In order to obtain information under subdivision (e)(1)(A) of this section, the recipient agrees in writing to maintain the confidentiality and privileged status of the corporate governance annual disclosure-related documents, material, or other information and has verified in writing the legal authority to maintain confidentiality; and
(2)(A) Receive documents, materials, or other corporate governance annual disclosure-related information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade-secret information or documents, from:
(i) Regulatory officials of other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 23-63-531; and
(ii) The National Association of Insurance Commissioners.
(B) In order to obtain information under subdivision (e)(2)(A) of this section, the commissioner shall maintain as confidential or privileged any documents, materials, 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.
(f) The sharing of information and documents by the commissioner under this subchapter shall not constitute a delegation of regulatory authority or rulemaking, and the commissioner is solely responsible for the administration, execution, and enforcement of this subchapter.
(g) A waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade-secret materials, or other corporate governance annual disclosure-related information shall not occur as a result of disclosure of any corporate governance annual disclosure-related information or documents to the commissioner under this section or as a result of sharing as authorized under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-2007. Third-party consultants.
(a) The Insurance Commissioner may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the commissioner's staff, as may be reasonably necessary to assist the commissioner in reviewing the corporate governance annual disclosure and related information or the insurer's compliance with this subchapter.
(b) A person retained under subsection (a) of this section shall be under the direction and control of the commissioner and shall act in a purely advisory capacity.
(c) The National Association of Insurance Commissioners and third-party consultants shall be subject to the same confidentiality standards and requirements as the commissioner.
(d) As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer, that it:
(1) Is free of a conflict of interest;
(2) Has internal procedures in place to monitor compliance with a conflict of interest; and
(3) Shall comply with the confidentiality standards and requirements of this subchapter.
(e) A written agreement with the National Association of Insurance Commissioners or a third-party consultant governing sharing and use of information provided under this subchapter shall contain the following provisions and require the written consent of the insurer before making public any information provided under this subchapter:
(1) Specific procedures and protocols for maintaining the confidentiality and security of corporate governance annual disclosure-related information shared with the National Association of Insurance Commissioners or the third-party consultant under this subchapter;
(2)(A) Procedures and protocols for sharing by the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-2007
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-2007. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-531. Supervisory colleges.
(a)(1) The Insurance Commissioner may participate in a supervisory college for a domestic insurer registered under § 23-63-514 that is part of an insurance holding company system with international operations to determine compliance by the insurer with this section.
(2) The commissioner may participate in a supervisory college for a domestic insurer that includes without limitation:
(A) Initiating the establishment of a supervisory college;
(B) Clarifying the membership and participation of other supervisors in the supervisory college;
(C) Clarifying the functions of the supervisory college, the role of other regulators, and establishing a group-wide supervisor;
(D) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and procedures to share information; and
(E) Establishing a crisis management plan.
(b)(1)(A) A domestic insurer subject to this section is liable for and shall pay any reasonable expenses, including reasonable travel expenses, of the commissioner's participation in a supervisory college under subsection (c) of this section.
(B) The commissioner may establish a regular assessment to the domestic insurer for the expenses described in subdivision (b)(1)(A) of this section.
(2) For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the domestic insurer or its affiliates.
(c)(1) In order to assess the business strategy, financial, legal, and regulatory position, risk exposure, risk management, and governance processes, and as part of the examination of individual insurers according to § 23-63-516, the c
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-531
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-531. This identifies an authority to review, not proof of applicability.