{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1333.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1333.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1333.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1333.html"}],"law_id":68581,"edition_id":1,"section_id":68581,"structure_id":13290,"section_number":"38.2-1333","catch_line":"Confidential treatment of information and documents","history":"1973, c. 505, \u00a7 38.1-178.5; 1986, c. 562; 2001, c. 519; 2014, c. 309; 2019, c. 692; 2022, c. 113.","full_text":"A\n\nAll documents, materials, or other information obtained by or disclosed to the Commission or any other person in the course of an examination or investigation made pursuant to \u00a7 38.2-1332, and all information reported or provided to the Commission pursuant to subdivisions A 12 and 13 of \u00a7 38.2-1324 and \u00a7\u00a7 38.2-1329, 38.2-1330, 38.2-1330.1, and 38.2-1332.2 is declared to be proprietary and to contain trade secrets and shall be confidential by law and privileged, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. However, the Commission 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 Commission’s official duties. The Commission shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer to which they pertain. After an insurer and its affiliates have been given notice and opportunity to be heard, the Commission may publish all or any part of the documents, materials, or other information referred to in this section in any manner it considers appropriate if it determines that the interests of policyholders or the public will be served by the publication.1\n\nFor the purposes of the information reported to the Commission pursuant to subsection M of § 38.2-1329, the Commission shall maintain the confidentiality of the group capital calculation and group capital ratio produced within the calculation and any group capital information received from an insurance holding company system supervised by the Federal Reserve Board or U.S. group-wide supervisor.2\n\nFor the purposes of the information reported to the Commission pursuant to subsection N of § 38.2-1329, the Commission shall maintain the confidentiality of the liquidity stress test results and supporting disclosures and any liquidity stress test information received from an insurance holding company system supervised by the Federal Reserve Board and non-U.S. group-wide supervisor.B\n\nNeither the Commission nor any person who received documents, materials, or other information while acting under the authority of the Commission or with whom such documents, materials, or other information are shared pursuant to this article shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to subsection A.C\n\nIn order to assist in the performance of the Commission’s duties, the Commission:1\n\nMay share documents, materials, or other information, including the confidential and privileged documents, materials, or information subject to subsection A, including proprietary and trade secret documents and materials, with other state, federal, and international regulatory agencies; with the NAIC; with any third-party consultants designated by the Commission; and with state, federal, and international law-enforcement authorities, including members of any supervisory college described in § 38.2-1332.1, provided that the recipient agrees in writing to maintain the confidentiality and privileged status of the document, material, or other information and has verified in writing the legal authority to maintain confidentiality;2\n\nMay, notwithstanding subdivision 1, only share confidential and privileged documents, materials, or information reported pursuant to subsection L of § 38.2-1329 with insurance commissioners in any states that have statutes or regulations substantially similar to subsection A and that have agreed in writing not to disclose such information;3\n\nMay receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade secret information from the NAIC and its affiliates and subsidiaries and from regulatory and law-enforcement officials of other foreign or domestic jurisdictions, and 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; and4\n\nShall enter into written agreements with the NAIC and any third-party consultant designated by the Commission governing sharing and use of information provided pursuant to this article consistent with this subsection that shall:\n\t\t\t\ta. Specify procedures and protocols regarding the confidentiality and security of information shared with the NAIC or a third-party consultant designated by the Commission pursuant to this article, including procedures and protocols for sharing by the NAIC with other state, federal, or international regulators. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the documents, materials, or other information and has verified in writing the legal authority to maintain such confidentiality;\n\t\t\t\tb. Specify that ownership of information shared with the NAIC or a third-party consultant designated by the Commission pursuant to this article remains with the Commission and that the NAIC’s or third party consultant’s use of the information is subject to the direction of the Commission;\n\t\t\t\tc. Except for documents, material, or information reported pursuant to subsection N of § 38.2-1329, prohibit the NAIC or third-party consultant designated by the Commission from storing the information shared pursuant to this article in a permanent database after the underlying analysis is completed;\n\t\t\t\td. Require prompt notice to be given to an insurer whose confidential information in the possession of the NAIC or a third-party consultant designated by the Commission pursuant to this article is subject to a request or subpoena to the NAIC or a third-party consultant designated by the Commission for disclosure or production;\n\t\t\t\te. Require the NAIC or a third-party consultant designated by the Commission to consent to intervention by an insurer in any judicial or administrative action in which the NAIC and its affiliates and subsidiaries may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant designated by the Commission pursuant to this article; and\n\t\t\t\tf. For documents, materials, and information reported pursuant to subsection N of § 38.2-1329, in the case of an agreement involving a third-party consultant, provide for notification of the identity of the consultant to the applicable insurers.D\n\nThe sharing of information by the Commission pursuant to this article shall not constitute a delegation of regulatory authority or rulemaking, and the Commission is solely responsible for the administration, execution, and enforcement of the provisions of this article.E\n\nNo waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of disclosure to the Commission under this section or as a result of sharing as authorized in subsection C.F\n\nDocuments, materials, or other information in the possession or control of the NAIC or a third-party consultant designated by the Commission pursuant to this article shall be confidential by law and privileged, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action.G\n\nExcept as otherwise provided by the provisions of this article, the making, publishing, disseminating, circulating, or placing before the public, or causing directly or indirectly to be made, published, disseminated, circulated, or placed before the public, in a newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio or television station or any electronic means of communication available to the public, or in any other way as an advertisement, announcement, or statement containing a representation or statement with regard to the group capital calculation, group capital ratio, liquidity stress test results, or supporting disclosures for the liquidity stress test, of any insurer or any insurer group, or of any component derived in the calculation by an insurer, broker, or other person engaged in any manner in the insurance business, shall be prohibited. However, if any materially false statement with respect to the group capital calculation, the resulting group capital ratio, an inappropriate comparison of any amount to an insurer’s or insurance group’s group capital calculation or resulting group capital ratio, the liquidity stress test result, or supporting disclosures is published in any written publication, and the insurer is able to demonstrate to the Commission with substantial proof the falsity or the inappropriateness of such statement, as the case may be, then the insurer may publish announcements in a written publication if the sole purpose of the announcement is to rebut the materially false or inappropriate statement.","order_by":null,"text":{"0":{"id":248218,"text":"All documents, materials, or other information obtained by or disclosed to the Commission or any other person in the course of an examination or investigation made pursuant to \u00a7 38.2-1332, and all information reported or provided to the Commission pursuant to subdivisions A 12 and 13 of \u00a7 38.2-1324 and \u00a7\u00a7 38.2-1329, 38.2-1330, 38.2-1330.1, and 38.2-1332.2 is declared to be proprietary and to contain trade secrets and shall be confidential by law and privileged, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. However, the Commission 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 Commission’s official duties. The Commission shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer to which they pertain. After an insurer and its affiliates have been given notice and opportunity to be heard, the Commission may publish all or any part of the documents, materials, or other information referred to in this section in any manner it considers appropriate if it determines that the interests of policyholders or the public will be served by the publication.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":248219,"text":"For the purposes of the information reported to the Commission pursuant to subsection M of § 38.2-1329, the Commission shall maintain the confidentiality of the group capital calculation and group capital ratio produced within the calculation and any group capital information received from an insurance holding company system supervised by the Federal Reserve Board or U.S. group-wide supervisor.","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":248220,"text":"For the purposes of the information reported to the Commission pursuant to subsection N of § 38.2-1329, the Commission shall maintain the confidentiality of the liquidity stress test results and supporting disclosures and any liquidity stress test information received from an insurance holding company system supervised by the Federal Reserve Board and non-U.S. group-wide supervisor.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":248221,"text":"Neither the Commission nor any person who received documents, materials, or other information while acting under the authority of the Commission or with whom such documents, materials, or other information are shared pursuant to this article shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to subsection A.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":248222,"text":"In order to assist in the performance of the Commission’s duties, the Commission:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"5":{"id":248223,"text":"May share documents, materials, or other information, including the confidential and privileged documents, materials, or information subject to subsection A, including proprietary and trade secret documents and materials, with other state, federal, and international regulatory agencies; with the NAIC; with any third-party consultants designated by the Commission; and with state, federal, and international law-enforcement authorities, including members of any supervisory college described in § 38.2-1332.1, provided that the recipient agrees in writing to maintain the confidentiality and privileged status of the document, material, or other information and has verified in writing the legal authority to maintain confidentiality;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"6":{"id":248224,"text":"May, notwithstanding subdivision 1, only share confidential and privileged documents, materials, or information reported pursuant to subsection L of § 38.2-1329 with insurance commissioners in any states that have statutes or regulations substantially similar to subsection A and that have agreed in writing not to disclose such information;","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"7":{"id":248225,"text":"May receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade secret information from the NAIC and its affiliates and subsidiaries and from regulatory and law-enforcement officials of other foreign or domestic jurisdictions, and 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; and","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"8":{"id":248226,"text":"Shall enter into written agreements with the NAIC and any third-party consultant designated by the Commission governing sharing and use of information provided pursuant to this article consistent with this subsection that shall:\n\t\t\t\ta. Specify procedures and protocols regarding the confidentiality and security of information shared with the NAIC or a third-party consultant designated by the Commission pursuant to this article, including procedures and protocols for sharing by the NAIC with other state, federal, or international regulators. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the documents, materials, or other information and has verified in writing the legal authority to maintain such confidentiality;\n\t\t\t\tb. Specify that ownership of information shared with the NAIC or a third-party consultant designated by the Commission pursuant to this article remains with the Commission and that the NAIC’s or third party consultant’s use of the information is subject to the direction of the Commission;\n\t\t\t\tc. Except for documents, material, or information reported pursuant to subsection N of § 38.2-1329, prohibit the NAIC or third-party consultant designated by the Commission from storing the information shared pursuant to this article in a permanent database after the underlying analysis is completed;\n\t\t\t\td. Require prompt notice to be given to an insurer whose confidential information in the possession of the NAIC or a third-party consultant designated by the Commission pursuant to this article is subject to a request or subpoena to the NAIC or a third-party consultant designated by the Commission for disclosure or production;\n\t\t\t\te. Require the NAIC or a third-party consultant designated by the Commission to consent to intervention by an insurer in any judicial or administrative action in which the NAIC and its affiliates and subsidiaries may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant designated by the Commission pursuant to this article; and\n\t\t\t\tf. For documents, materials, and information reported pursuant to subsection N of § 38.2-1329, in the case of an agreement involving a third-party consultant, provide for notification of the identity of the consultant to the applicable insurers.","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"D"},"9":{"id":248227,"text":"The sharing of information by the Commission pursuant to this article shall not constitute a delegation of regulatory authority or rulemaking, and the Commission is solely responsible for the administration, execution, and enforcement of the provisions of this article.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C4","next_prefix":"E"},"10":{"id":248228,"text":"No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of disclosure to the Commission under this section or as a result of sharing as authorized in subsection C.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"11":{"id":248229,"text":"Documents, materials, or other information in the possession or control of the NAIC or a third-party consultant designated by the Commission pursuant to this article shall be confidential by law and privileged, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"12":{"id":248230,"text":"Except as otherwise provided by the provisions of this article, the making, publishing, disseminating, circulating, or placing before the public, or causing directly or indirectly to be made, published, disseminated, circulated, or placed before the public, in a newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio or television station or any electronic means of communication available to the public, or in any other way as an advertisement, announcement, or statement containing a representation or statement with regard to the group capital calculation, group capital ratio, liquidity stress test results, or supporting disclosures for the liquidity stress test, of any insurer or any insurer group, or of any component derived in the calculation by an insurer, broker, or other person engaged in any manner in the insurance business, shall be prohibited. However, if any materially false statement with respect to the group capital calculation, the resulting group capital ratio, an inappropriate comparison of any amount to an insurer’s or insurance group’s group capital calculation or resulting group capital ratio, the liquidity stress test result, or supporting disclosures is published in any written publication, and the insurer is able to demonstrate to the Commission with substantial proof the falsity or the inappropriateness of such statement, as the case may be, then the insurer may publish announcements in a written publication if the sole purpose of the announcement is to rebut the materially false or inappropriate statement.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F"}},"ancestry":[{"id":13290,"edition_id":1,"name":"Insurance Holding Companies","identifier":"5","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211609,"object_type":"structure","relational_id":13290,"identifier":"5","token":"38.2\/13\/5","url":"\/38.2\/13\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13289,"edition_id":1,"name":"Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents","identifier":"13","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211347,"object_type":"structure","relational_id":13289,"identifier":"13","token":"38.2\/13","url":"\/38.2\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66587,"structure_id":13290,"section_number":"38.2-1322","catch_line":"Definitions","url":"\/38.2-1322\/","token":"38.2\/13\/5\/38.2-1322","metadata":false},{"id":84939,"structure_id":13290,"section_number":"38.2-1323","catch_line":"Acquisition of control of insurers","url":"\/38.2-1323\/","token":"38.2\/13\/5\/38.2-1323","metadata":false},{"id":72444,"structure_id":13290,"section_number":"38.2-1324","catch_line":"Contents of application","url":"\/38.2-1324\/","token":"38.2\/13\/5\/38.2-1324","metadata":false},{"id":77095,"structure_id":13290,"section_number":"38.2-1325","catch_line":"Alternate filing materials","url":"\/38.2-1325\/","token":"38.2\/13\/5\/38.2-1325","metadata":false},{"id":54281,"structure_id":13290,"section_number":"38.2-1326","catch_line":"Approval by Commission","url":"\/38.2-1326\/","token":"38.2\/13\/5\/38.2-1326","metadata":false},{"id":82872,"structure_id":13290,"section_number":"38.2-1327","catch_line":"Time for hearing; order of Commission","url":"\/38.2-1327\/","token":"38.2\/13\/5\/38.2-1327","metadata":false},{"id":65563,"structure_id":13290,"section_number":"38.2-1328","catch_line":"Exemption","url":"\/38.2-1328\/","token":"38.2\/13\/5\/38.2-1328","metadata":false},{"id":71281,"structure_id":13290,"section_number":"38.2-1329","catch_line":"Registration of insurers that are members of holding company system","url":"\/38.2-1329\/","token":"38.2\/13\/5\/38.2-1329","metadata":false},{"id":77796,"structure_id":13290,"section_number":"38.2-1330","catch_line":"Standards for transactions within an insurance holding company system; adequacy of surplus","url":"\/38.2-1330\/","token":"38.2\/13\/5\/38.2-1330","metadata":false},{"id":71817,"structure_id":13290,"section_number":"38.2-1330.1","catch_line":"Dividends and other distributions","url":"\/38.2-1330.1\/","token":"38.2\/13\/5\/38.2-1330.1","metadata":false},{"id":70122,"structure_id":13290,"section_number":"38.2-1331","catch_line":"Repealed","url":"\/38.2-1331\/","token":"38.2\/13\/5\/38.2-1331","metadata":false},{"id":84275,"structure_id":13290,"section_number":"38.2-1332","catch_line":"Examinations","url":"\/38.2-1332\/","token":"38.2\/13\/5\/38.2-1332","metadata":false},{"id":57304,"structure_id":13290,"section_number":"38.2-1332.1","catch_line":"Supervisory colleges","url":"\/38.2-1332.1\/","token":"38.2\/13\/5\/38.2-1332.1","metadata":false},{"id":62040,"structure_id":13290,"section_number":"38.2-1332.2","catch_line":"Group-wide supervision of internationally active insurance groups","url":"\/38.2-1332.2\/","token":"38.2\/13\/5\/38.2-1332.2","metadata":false},{"id":68581,"structure_id":13290,"section_number":"38.2-1333","catch_line":"Confidential treatment of information and documents","url":"\/38.2-1333\/","token":"38.2\/13\/5\/38.2-1333","metadata":false},{"id":56656,"structure_id":13290,"section_number":"38.2-1334","catch_line":"Revocation, suspension, or nonrenewal of insurer's license","url":"\/38.2-1334\/","token":"38.2\/13\/5\/38.2-1334","metadata":false},{"id":76185,"structure_id":13290,"section_number":"38.2-1334.1","catch_line":"Voting of securities, injunctions, and sequestration of voting securities","url":"\/38.2-1334.1\/","token":"38.2\/13\/5\/38.2-1334.1","metadata":false},{"id":57406,"structure_id":13290,"section_number":"38.2-1334.2","catch_line":"Recovery","url":"\/38.2-1334.2\/","token":"38.2\/13\/5\/38.2-1334.2","metadata":false},{"id":60684,"structure_id":13290,"section_number":"38.2-1334.2:1","catch_line":"Rules and regulations","url":"\/38.2-1334.2_1\/","token":"38.2\/13\/5\/38.2-1334.2_1","metadata":false},{"id":78719,"structure_id":13290,"section_number":"38.2-1334.2:2","catch_line":"Sanctions","url":"\/38.2-1334.2_2\/","token":"38.2\/13\/5\/38.2-1334.2_2","metadata":false},{"id":56478,"structure_id":13290,"section_number":"38.2-1334.2:3","catch_line":"Statutory construction and relationship to other laws","url":"\/38.2-1334.2_3\/","token":"38.2\/13\/5\/38.2-1334.2_3","metadata":false}],"previous_section":{"id":62040,"structure_id":13290,"section_number":"38.2-1332.2","catch_line":"Group-wide supervision of internationally active insurance groups","url":"\/38.2-1332.2\/","token":"38.2\/13\/5\/38.2-1332.2","metadata":false},"next_section":{"id":56656,"structure_id":13290,"section_number":"38.2-1334","catch_line":"Revocation, suspension, or nonrenewal of insurer's license","url":"\/38.2-1334\/","token":"38.2\/13\/5\/38.2-1334","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1333\/","history_text":"

This law was first created in 1973. The record of its establishment is cataloged in chapter 505 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1973 \u201cActs\u201d aren\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1986, chapter 562; in 2001, chapter 519<\/a>; in 2014, chapter 309<\/a>; in 2019, chapter 692<\/a>; in 2022, chapter 113<\/a>.<\/p>","references":[{"id":57304,"section_number":"38.2-1332.1","catch_line":"Supervisory colleges","order_by":null,"url":"\/38.2-1332.1\/"},{"id":62040,"section_number":"38.2-1332.2","catch_line":"Group-wide supervision of internationally active insurance groups","order_by":null,"url":"\/38.2-1332.2\/"}],"refers_to":[{"id":72444,"section_number":"38.2-1324","catch_line":"Contents of application","order_by":null,"url":"\/38.2-1324\/"},{"id":71281,"section_number":"38.2-1329","catch_line":"Registration of insurers that are members of holding company system","order_by":null,"url":"\/38.2-1329\/"},{"id":77796,"section_number":"38.2-1330","catch_line":"Standards for transactions within an insurance holding company system; adequacy of surplus","order_by":null,"url":"\/38.2-1330\/"},{"id":71817,"section_number":"38.2-1330.1","catch_line":"Dividends and other distributions","order_by":null,"url":"\/38.2-1330.1\/"},{"id":84275,"section_number":"38.2-1332","catch_line":"Examinations","order_by":null,"url":"\/38.2-1332\/"},{"id":57304,"section_number":"38.2-1332.1","catch_line":"Supervisory colleges","order_by":null,"url":"\/38.2-1332.1\/"},{"id":62040,"section_number":"38.2-1332.2","catch_line":"Group-wide supervision of internationally active insurance groups","order_by":null,"url":"\/38.2-1332.2\/"}],"permalink":{"id":211667,"object_type":"law","relational_id":68581,"identifier":"38.2-1333","token":"38.2\/13\/5\/38.2-1333","url":"\/38.2-1333\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1333\/","token":"38.2\/13\/5\/38.2-1333","dublin_core":{"Title":"Confidential treatment of information and documents","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1333","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> All documents, materials<\/span>, or other information obtained by or disclosed to the Commission<\/span> or any other person<\/span> in the course of an examination or investigation made pursuant to \u00a7 38.2-1332<\/a>, and all information reported or provided to the Commission<\/span> pursuant to subdivisions A 12 and 13 of \u00a7 38.2-1324<\/a> and \u00a7\u00a7 38.2-1329<\/a>, 38.2-1330<\/a>, 38.2-1330.1<\/a>, and 38.2-1332.2<\/a> is declared to be proprietary and to contain trade secrets and shall be confidential by law<\/span> and privileged, shall not be subject to subpoena<\/span>, and shall not be subject to discovery<\/span> or admissible<\/span> in evidence<\/span> in any private civil action<\/span>. However, the Commission<\/span> is authorized to use the documents, materials<\/span>, or other information in the furtherance of any regulatory or legal action brought as a part of the Commission<\/span>’s official duties. The Commission<\/span> shall not otherwise make the documents, materials<\/span>, or other information public without the prior written consent of the insurer<\/span> to which they pertain. After an insurer<\/span> and its affiliates<\/span> have been given notice and opportunity to be heard, the Commission<\/span> may publish all or any part of the documents, materials<\/span>, or other information referred to in this section in any manner it considers appropriate if it determines that the interests of policyholders or the public will be served by the publication. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> For the purposes of the information reported to the Commission<\/span> pursuant to subsection M of § 38.2-1329<\/a>, the Commission<\/span> shall maintain the confidentiality of the group capital calculation and group capital ratio produced within the calculation and any group capital information received from an insurance holding company system<\/span> supervised by the Federal Reserve Board or U.S. group-wide supervisor<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> For the purposes of the information reported to the Commission<\/span> pursuant to subsection N of § 38.2-1329<\/a>, the Commission<\/span> shall maintain the confidentiality of the liquidity stress test results and supporting disclosures and any liquidity stress test information received from an insurance holding company system<\/span> supervised by the Federal Reserve Board and non-U.S. group-wide supervisor<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Neither the Commission<\/span> nor any person<\/span> who received documents, materials<\/span>, or other information while acting under the authority of the Commission<\/span> or with whom such documents, materials<\/span>, or other information are shared pursuant to this article shall be permitted or required to testify in any private civil action<\/span> concerning any confidential documents, materials<\/span>, or information subject to subsection A. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In order<\/span> to assist in the performance of the Commission<\/span>’s duties, the Commission<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> May share documents, materials<\/span>, or other information, including the confidential and privileged documents, materials<\/span>, or information subject to subsection A, including proprietary and trade secret documents and materials<\/span>, with other state<\/span>, federal, and international regulatory agencies; with the NAIC<\/span>; with any third-party<\/span> consultants designated by the Commission<\/span>; and with state<\/span>, federal, and international law<\/span>-enforcement authorities, including members of any supervisory college described in § 38.2-1332.1<\/a>, provided that the recipient agrees in writing to maintain the confidentiality and privileged status of the document, material<\/span>, or other information and has verified in writing the legal authority to maintain confidentiality; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> May, notwithstanding subdivision 1, only share confidential and privileged documents, materials<\/span>, or information reported pursuant to subsection L of § 38.2-1329<\/a> with insurance commissioners<\/span> in any states<\/span> that have statutes<\/span> or regulations substantially similar to subsection A and that have agreed in writing not to disclose such information; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> May receive documents, materials<\/span>, or information, including otherwise confidential and privileged documents, materials<\/span>, or information, including proprietary and trade secret information from the NAIC<\/span> and its affiliates<\/span> and subsidiaries and from regulatory and law<\/span>-enforcement officials of other foreign or domestic jurisdictions<\/span>, and shall maintain as confidential or privileged any documents, materials<\/span>, or information received with notice or the understanding that it is confidential or privileged under the laws<\/span> of the jurisdiction<\/span> that is the source of the document, material<\/span>, or information; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Shall enter into written agreements with the NAIC<\/span> and any third-party<\/span> consultant designated by the Commission<\/span> governing sharing and use of information provided pursuant to this article consistent with this subsection that shall:\n\t\t\t\ta. Specify procedures and protocols regarding the confidentiality and security of information shared with the NAIC<\/span> or a third-party<\/span> consultant designated by the Commission<\/span> pursuant to this article, including procedures and protocols for sharing by the NAIC<\/span> with other state<\/span>, federal, or international regulators. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the documents, materials<\/span>, or other information and has verified in writing the legal authority to maintain such confidentiality;\n\t\t\t\tb. Specify that ownership of information shared with the NAIC<\/span> or a third-party<\/span> consultant designated by the Commission<\/span> pursuant to this article remains with the Commission<\/span> and that the NAIC<\/span>’s or third party<\/span> consultant’s use of the information is subject to the direction of the Commission<\/span>;\n\t\t\t\tc. Except for documents, material<\/span>, or information reported pursuant to subsection N of § 38.2-1329<\/a>, prohibit the NAIC<\/span> or third-party<\/span> consultant designated by the Commission<\/span> from storing the information shared pursuant to this article in a permanent database after the underlying analysis is completed;\n\t\t\t\td. Require prompt notice to be given to an insurer<\/span> whose confidential information in the possession<\/span> of the NAIC<\/span> or a third-party<\/span> consultant designated by the Commission<\/span> pursuant to this article is subject to a request or subpoena<\/span> to the NAIC<\/span> or a third-party<\/span> consultant designated by the Commission<\/span> for disclosure or production;\n\t\t\t\te. Require the NAIC<\/span> or a third-party<\/span> consultant designated by the Commission<\/span> to consent to intervention by an insurer<\/span> in any judicial or administrative action in which the NAIC<\/span> and its affiliates<\/span> and subsidiaries may be required to disclose confidential information about the insurer<\/span> shared with the NAIC<\/span> or a third-party<\/span> consultant designated by the Commission<\/span> pursuant to this article; and\n\t\t\t\tf. For documents, materials<\/span>, and information reported pursuant to subsection N of § 38.2-1329<\/a>, in the case of an agreement involving a third-party<\/span> consultant, provide for notification of the identity of the consultant to the applicable insurers<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The sharing of information by the Commission<\/span> pursuant to this article shall not constitute a delegation of regulatory authority or rulemaking, and the Commission<\/span> is solely responsible for the administration, execution, and enforcement of the provisions of this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> No waiver<\/span> of any applicable privilege<\/span> or claim of confidentiality in the documents, materials<\/span>, or information shall occur as a result of disclosure to the Commission<\/span> under this section or as a result of sharing as authorized in subsection C. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Documents, materials<\/span>, or other information in the possession<\/span> or control of the NAIC<\/span> or a third-party<\/span> consultant designated by the Commission<\/span> pursuant to this article shall be confidential by law<\/span> and privileged, shall not be subject to subpoena<\/span>, and shall not be subject to discovery<\/span> or admissible<\/span> in evidence<\/span> in any private civil action<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> Except as otherwise provided by the provisions of this article, the making, publishing, disseminating, circulating, or placing before the public, or causing directly or indirectly to be made, published, disseminated, circulated, or placed before the public, in a newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio or television station or any electronic means of communication available to the public, or in any other way as an advertisement, announcement, or statement containing a representation or statement with regard to the group capital calculation, group capital ratio, liquidity stress test results, or supporting disclosures for the liquidity stress test, of any insurer<\/span> or any insurer<\/span> group, or of any component derived in the calculation by an insurer<\/span>, broker, or other person<\/span> engaged in any manner in the insurance business, shall be prohibited. However, if any materially false statement with respect to the group capital calculation, the resulting group capital ratio, an inappropriate comparison of any amount to an insurer<\/span>’s or insurance group’s group capital calculation or resulting group capital ratio, the liquidity stress test result, or supporting disclosures is published in any written publication, and the insurer<\/span> is able to demonstrate to the Commission<\/span> with substantial proof the falsity or the inappropriateness of such statement, as the case may be, then the insurer<\/span> may publish announcements in a written publication if the sole purpose of the announcement is to rebut the materially false or inappropriate statement. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONFIDENTIAL TREATMENT OF INFORMATION AND DOCUMENTS (\u00a7 38.2-1333)\n\nA. All documents, materials, or other information obtained by or disclosed to\nthe Commission or any other person in the course of an examination or\ninvestigation made pursuant to \u00a7 38.2-1332, and all information reported or\nprovided to the Commission pursuant to subdivisions A 12 and 13 of \u00a7 38.2-1324\nand \u00a7\u00a7 38.2-1329, 38.2-1330, 38.2-1330.1, and 38.2-1332.2 is declared to be\nproprietary and to contain trade secrets and shall be confidential by law and\nprivileged, shall not be subject to subpoena, and shall not be subject to\ndiscovery or admissible in evidence in any private civil action. However, the\nCommission is authorized to use the documents, materials, or other information\nin the furtherance of any regulatory or legal action brought as a part of the\nCommission’s official duties. The Commission shall not otherwise make the\ndocuments, materials, or other information public without the prior written\nconsent of the insurer to which they pertain. After an insurer and its\naffiliates have been given notice and opportunity to be heard, the Commission\nmay publish all or any part of the documents, materials, or other information\nreferred to in this section in any manner it considers appropriate if it\ndetermines that the interests of policyholders or the public will be served by\nthe publication.\n\n 1. For the purposes of the information reported to the Commission pursuant to\n subsection M of § 38.2-1329, the Commission shall maintain the\n confidentiality of the group capital calculation and group capital ratio\n produced within the calculation and any group capital information received\n from an insurance holding company system supervised by the Federal Reserve\n Board or U.S. group-wide supervisor.\n\n 2. For the purposes of the information reported to the Commission pursuant to\n subsection N of § 38.2-1329, the Commission shall maintain the\n confidentiality of the liquidity stress test results and supporting\n disclosures and any liquidity stress test information received from an\n insurance holding company system supervised by the Federal Reserve Board and\n non-U.S. group-wide supervisor.\n\nB. Neither the Commission nor any person who received documents, materials, or\nother information while acting under the authority of the Commission or with\nwhom such documents, materials, or other information are shared pursuant to this\narticle shall be permitted or required to testify in any private civil action\nconcerning any confidential documents, materials, or information subject to\nsubsection A.\n\nC. In order to assist in the performance of the Commission’s duties, the\nCommission:\n\n 1. May share documents, materials, or other information, including the\n confidential and privileged documents, materials, or information subject to\n subsection A, including proprietary and trade secret documents and materials,\n with other state, federal, and international regulatory agencies; with the\n NAIC; with any third-party consultants designated by the Commission; and with\n state, federal, and international law-enforcement authorities, including\n members of any supervisory college described in § 38.2-1332.1, provided\n that the recipient agrees in writing to maintain the confidentiality and\n privileged status of the document, material, or other information and has\n verified in writing the legal authority to maintain confidentiality;\n\n 2. May, notwithstanding subdivision 1, only share confidential and privileged\n documents, materials, or information reported pursuant to subsection L of\n § 38.2-1329 with insurance commissioners in any states that have statutes\n or regulations substantially similar to subsection A and that have agreed in\n writing not to disclose such information;\n\n 3. May receive documents, materials, or information, including otherwise\n confidential and privileged documents, materials, or information, including\n proprietary and trade secret information from the NAIC and its affiliates and\n subsidiaries and from regulatory and law-enforcement officials of other\n foreign or domestic jurisdictions, and shall maintain as confidential or\n privileged any documents, materials, or information received with notice or\n the understanding that it is confidential or privileged under the laws of the\n jurisdiction that is the source of the document, material, or information; and\n\n 4. Shall enter into written agreements with the NAIC and any third-party\n consultant designated by the Commission governing sharing and use of\n information provided pursuant to this article consistent with this subsection\n that shall:\n \t\t\t\ta. Specify procedures and protocols regarding the confidentiality and\n security of information shared with the NAIC or a third-party consultant\n designated by the Commission pursuant to this article, including procedures\n and protocols for sharing by the NAIC with other state, federal, or\n international regulators. The agreement shall provide that the recipient\n agrees in writing to maintain the confidentiality and privileged status of the\n documents, materials, or other information and has verified in writing the\n legal authority to maintain such confidentiality;\n \t\t\t\tb. Specify that ownership of information shared with the NAIC or a\n third-party consultant designated by the Commission pursuant to this article\n remains with the Commission and that the NAIC’s or third party\n consultant’s use of the information is subject to the direction of the\n Commission;\n \t\t\t\tc. Except for documents, material, or information reported pursuant to\n subsection N of § 38.2-1329, prohibit the NAIC or third-party consultant\n designated by the Commission from storing the information shared pursuant to\n this article in a permanent database after the underlying analysis is\n completed;\n \t\t\t\td. Require prompt notice to be given to an insurer whose confidential\n information in the possession of the NAIC or a third-party consultant\n designated by the Commission pursuant to this article is subject to a request\n or subpoena to the NAIC or a third-party consultant designated by the\n Commission for disclosure or production;\n \t\t\t\te. Require the NAIC or a third-party consultant designated by the\n Commission to consent to intervention by an insurer in any judicial or\n administrative action in which the NAIC and its affiliates and subsidiaries\n may be required to disclose confidential information about the insurer shared\n with the NAIC or a third-party consultant designated by the Commission\n pursuant to this article; and\n \t\t\t\tf. For documents, materials, and information reported pursuant to\n subsection N of § 38.2-1329, in the case of an agreement involving a\n third-party consultant, provide for notification of the identity of the\n consultant to the applicable insurers.\n\nD. The sharing of information by the Commission pursuant to this article shall\nnot constitute a delegation of regulatory authority or rulemaking, and the\nCommission is solely responsible for the administration, execution, and\nenforcement of the provisions of this article.\n\nE. No waiver of any applicable privilege or claim of confidentiality in the\ndocuments, materials, or information shall occur as a result of disclosure to\nthe Commission under this section or as a result of sharing as authorized in\nsubsection C.\n\nF. Documents, materials, or other information in the possession or control of\nthe NAIC or a third-party consultant designated by the Commission pursuant to\nthis article shall be confidential by law and privileged, shall not be subject\nto subpoena, and shall not be subject to discovery or admissible in evidence in\nany private civil action.\n\nG. Except as otherwise provided by the provisions of this article, the making,\npublishing, disseminating, circulating, or placing before the public, or causing\ndirectly or indirectly to be made, published, disseminated, circulated, or\nplaced before the public, in a newspaper, magazine, or other publication, or in\nthe form of a notice, circular, pamphlet, letter, or poster, or over any radio\nor television station or any electronic means of communication available to the\npublic, or in any other way as an advertisement, announcement, or statement\ncontaining a representation or statement with regard to the group capital\ncalculation, group capital ratio, liquidity stress test results, or supporting\ndisclosures for the liquidity stress test, of any insurer or any insurer group,\nor of any component derived in the calculation by an insurer, broker, or other\nperson engaged in any manner in the insurance business, shall be prohibited.\nHowever, if any materially false statement with respect to the group capital\ncalculation, the resulting group capital ratio, an inappropriate comparison of\nany amount to an insurer’s or insurance group’s group capital\ncalculation or resulting group capital ratio, the liquidity stress test result,\nor supporting disclosures is published in any written publication, and the\ninsurer is able to demonstrate to the Commission with substantial proof the\nfalsity or the inappropriateness of such statement, as the case may be, then the\ninsurer may publish announcements in a written publication if the sole purpose\nof the announcement is to rebut the materially false or inappropriate statement.\n\nHISTORY: 1973, c. 505, \u00a7 38.1-178.5; 1986, c. 562; 2001, c. 519; 2014, c. 309;\n2019, c. 692; 2022, c. 113.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}