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23-84-118. Confidentiality — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-118. Confidentiality — Definition.
(a) As used in this section, “confidential information” means:
(1) A memorandum in support of an opinion submitted under § 23-84-112 and any other documents, materials, and other information, including without limitation all working papers and copies of working papers created, produced, or obtained by or disclosed to the Insurance Commissioner or any other person in connection with the memorandum;
(2)(A) Except as provided in subdivision (a)(2)(B) of this section, all documents, materials, and other information, including without limitation all working papers and copies of working papers created, produced, or obtained by or disclosed to the commissioner or any other person in the course of an examination under § 23-84-115(d).
(B) To the extent that an examination report or other material prepared in connection with an examination under § 23-61-201 et seq. is not held as private and confidential information under § 23-61-207, an examination report or other material prepared in connection with an examination made under § 23-84-115(d) is not confidential information under this section;
(3) A report, document, material, and other information developed by a company in support of or in connection with an annual certification by the company under § 23-84-116(b)(2) evaluating the effectiveness of the company's internal controls with respect to a principle-based valuation and any other document, material, and other information, including without limitation all working papers and copies of working papers created, produced, or obtained by or disclosed to the commissioner or any other person in connection with the report, document, material, and other information;
(4) A principle-based valuation report developed under § 23-84-116
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-118
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:23-84-118
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0a5b40cd00add17ac8393c0712dba2f73af43e72d596a612b3ca4d4630f567ce
Source location: content.xml paragraph 51057
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23-84-118. Confidentiality — Definition.
(a) As used in this section, “confidential information” means:
(1) A memorandum in support of an opinion submitted under § 23-84-112 and any other documents, materials, and other information, including without limitation all working papers and copies of working papers created, produced, or obtained by or disclosed to the Insurance Commissioner or any other person in connection with the memorandum;
(2)(A) Except as provided in subdivision (a)(2)(B) of this section, all documents, materials, and other information, including without limitation all working papers and copies of working papers created, produced, or obtained by or disclosed to the commissioner or any other person in the course of an examination under § 23-84-115(d).
(B) To the extent that an examination report or other material prepared in connection with an examination under § 23-61-201 et seq. is not held as private and confidential information under § 23-61-207, an examination report or other material prepared in connection with an examination made under § 23-84-115(d) is not confidential information under this section;
(3) A report, document, material, and other information developed by a company in support of or in connection with an annual certification by the company under § 23-84-116(b)(2) evaluating the effectiveness of the company's internal controls with respect to a principle-based valuation and any other document, material, and other information, including without limitation all working papers and copies of working papers created, produced, or obtained by or disclosed to the commissioner or any other person in connection with the report, document, material, and other information;
(4) A principle-based valuation report developed under § 23-84-116(b)(3) and any other document, material, and other information, including without limitation all working papers and copies of working papers created, produced, or obtained by or disclosed to the commissioner or any other person in connection with the report;
(5) Experience data, including a document, material, data, and other information submitted by a company under § 23-84-117, and any other document, material, data, and other information, including without limitation all working papers and copies of working papers created or produced in connection with the experience data that are created, produced, or obtained by or disclosed to the commissioner or any other person in connection with the experience data; and
(6) Experience materials, including experience data under subdivision (a)(5) of this section, and any potentially company-identifying or personally identifiable information that is provided to or obtained by the commissioner and any other documents, materials, data, and other information, including without limitation all working papers and copies of working papers created, produced, or obtained by or disclosed to the commissioner or any other person in connection with the experience materials.
(b)(1)(A) Except as provided in this section, a company's confidential information is confidential by law and privileged and shall not be subject to:
(i) The Freedom of Information Act of 1967, § 25-19-101 et seq.;
(ii) Subpoena; or
(iii) Discovery or admissible in evidence in a private civil action.
(B) However, the commissioner is authorized to use the confidential information in the furtherance of any regulatory or legal action brought against the company as a part of the commissioner's official duties.
(2) The commissioner and any other person who received confidential information while acting under the authority of the commissioner shall not be permitted or required to testify in any private civil action concerning the confidential information.
(3)(A) Except as provided in subdivision (b)(3)(B) of this section, in order to assist in the performance of the commissioner's duties, the commissioner may share confidential information:
(i) With other state, federal, and international regulatory agencies and with the National Association of Insurance Commissioners and its affiliates and subsidiaries;
(ii) In the case of confidential information specified in subdivision (a)(1) or subdivision (a)(4) of this section only, with the Actuarial Board for Counseling and Discipline or its successor upon request stating that the confidential information is required for the purpose of professional disciplinary proceedings; and
(iii) With state, federal, and international law enforcement officials.
(B) The commissioner shall not share confidential information with a recipient under subdivision (b)(3)(A)(i) or subdivision (b)(3)(A)(ii) of this section unless the recipient agrees and has the legal authority to agree to maintain the confidentiality and privileged status of the confidential information in the same manner and to the same extent as required of the commissioner.
(4) The commissioner may receive documents, materials, data, and other information, including otherwise confidential and privileged documents, materials, data, or information, from the National Association of Insurance Commissioners and its affiliates and subsidiaries, from regulatory or law enforcement officials of other foreign or domestic jurisdictions, and from the Actuarial Board for Counseling and Discipline or its successor and shall maintain as confidential or privileged any document, material, data, or other 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 other information.
(5) The commissioner may enter into agreements governing sharing and use of information consistent with this subsection.
(6) A waiver of any applicable privilege or claim of confidentiality concerning confidential information shall not occur as a result of a disclosure of information to the commissioner under this section or as a result of sharing information authorized by this section.
(7) A privilege established under the law of any state or jurisdiction that is substantially similar to the privilege established under this subsection shall be available and enforced in any administrative, civil, or criminal proceeding in this state.
(8) This section applies to the employees, agents, consultants, and contractors of the National Association of Insurance Commissioners and a regulatory agency or law enforcement agency identified in this section.
(c) Notwithstanding subsection (b) of this section, any confidential information of a company specified in subdivision (a)(1) or subdivision (a)(4) of this section:
(1) May be subject to subpoena for the purpose of defending an action seeking damages from the appointed actuary submitting the related memorandum in support of an opinion submitted under § 23-84-112 or a principle-based valuation report developed under § 23-84-116(b)(3) based upon an action required of the appointed actuary by this chapter;
(2) May otherwise be released by the commissioner with the written consent of the company; and
(3) Is no longer confidential information protected by this section if any portion of a memorandum in support of an opinion submitted under § 23-84-112 or a principle-based valuation report developed under § 23-84-116(b)(3) is:
(A) Cited by the company in its marketing;
(B) Publicly volunteered to or before a governmental agency other than a state insurance department; or
(C) Released by the company to the news media.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-201. Examination of insurers required.
(a)(1) The Insurance Commissioner shall examine the affairs, transactions, accounts, records, market conduct activity, and assets of each authorized insurer as often as in the commissioner's sole discretion he or she deems advisable.
(2) The commissioner shall so examine each authorized insurer not less frequently than every five (5) years.
(3) Examination of an alien insurer shall be limited to its insurance transactions and affairs in the United States.
(4) In scheduling and determining the nature, scope, and frequency of the examinations, the commissioner shall consider such matters as the results of financial statement analyses and ratios, changes in management or ownership, actuarial opinions, reports of independent certified public accountants, and other criteria as set forth in the most current edition of the applicable examiners handbook and other standards adopted by the National Association of Insurance Commissioners and in effect when the commissioner exercises discretion to conduct an examination under subdivision (a)(1) of this section.
(b) The commissioner may, in like manner, examine each insurer applying for an initial certificate of authority to transact insurance in this state.
(c) In lieu of making his or her own examination of any foreign or alien insurer authorized in this state, the commissioner may, in his or her discretion, accept a full report of the last recent examination of a foreign or alien insurer as prepared by the insurance department for the company's state of domicile or port-of-entry state. After January 1, 1994, such reports may only be accepted by the commissioner if:
(1) The insurance department preparing the report was at the time of the examination accredited under the Na
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-201
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 23-61-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-61-207. Confidentiality of ancillary information.
All working papers, recorded information, documents, and copies produced by, obtained by, or disclosed to the Insurance Commissioner or any other person in the course of an examination made under this subchapter must be given confidential treatment and are not subject to subpoena and may not be made public by the commissioner or any other person, except to the extent provided in § 23-61-205. In addition, all workpapers, financial statement analyses, ratio calculations, and any other materials produced by State Insurance Department financial examiners or analysts, or documents submitted or disclosed to the department by an insurer in response to a request from the commissioner or a department financial examiner or analyst during the course of reviewing or investigating the financial solvency, condition, or affairs of an insurer, shall be confidential and not subject to subpoena, except to the extent as provided in § 23-61-205. Access may also be granted to the National Association of Insurance Commissioners. The parties must agree in writing prior to receiving the information to provide to it the same confidential treatment as required by this section, unless the prior written consent of the company to which it pertains has been obtained.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-61-207
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 23-61-207. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-112. Actuarial opinion of reserves — Definition.
(a)Actuarial Opinion Prior to Operative Date of the Valuation Manual.
(1)General.
(A) Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Insurance Commissioner by rule are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state.
(B) By rule, the commissioner shall define the specifics of this opinion and add any other items deemed to be necessary to its scope.
(2)Actuarial Analysis of Reserves and Assets Supporting Such Reserves.
(A) Except as exempted by or pursuant to rule, every life insurance company shall also annually include in the opinion required by subdivision (a)(1) of this section an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the commissioner by rule, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including, but not limited to, the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including, but not limited to, the benefits under and expenses associated with the policies and contracts.
(B) The commissioner may provide by rule for a transition period for establishing any higher reserves which the qualified actuary may deem necessary in order to render the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-112
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 23-84-112. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-115. Valuation of policy or contract issued on or after operative date of the valuation manual.
(a) Except as provided in this section, for a policy or contract issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under § 23-84-102(b).
(b) The valuation manual shall specify:
(1) Minimum valuation standards and definitions for policies or contracts subject to § 23-84-102(b), including without limitation:
(A) The Insurance Commissioner's reserve valuation method for life insurance contracts, other than annuity contracts, subject to § 23-84-102(b);
(B) The commissioner's annuity reserve valuation method for annuity contracts subject to § 23-84-102(b); and
(C) Minimum reserves for all other policies or contracts subject to § 23-84-102(b);
(2) Which policies or contracts or types of policies or contracts are subject to the requirements of a principle-based valuation under § 23-84-116(a) and the minimum valuation standards consistent with those requirements;
(3) For policies and contracts subject to a principle-based valuation under § 23-84-116:
(A) Requirements for the format of reports to the commissioner under § 23-84-116(b)(3), including without limitation information necessary to determine if the valuation is appropriate and in compliance with this chapter;
(B) Assumptions for risks over which the company does not have significant control or influence; and
(C) Procedures for corporate governance and oversight of the actuarial function and a process for appropriate waiver or modification of those procedures;
(4) For policies not subject to a principle-based valuation under § 23-84-116, a minimum valuation standard:
(A) That is consistent
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-115
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 23-84-115. This identifies an authority to review, not proof of applicability.