{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1334.15.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1334.15.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1334.15.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1334.15.html"}],"law_id":86182,"edition_id":1,"section_id":86182,"structure_id":13689,"section_number":"38.2-1334.15","catch_line":"NAIC and third-party consultants","history":"2017, c. 643.","full_text":"A\n\nThe Commission may retain, at the insurer’s expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the Commission’s staff as may be reasonably necessary to assist the Commission in reviewing the CGAD and related information or the insurer’s compliance with this article.B\n\nAny persons retained under subsection A shall be under the direction and control of the Commission and shall act in a purely advisory capacity.C\n\nThe NAIC and third-party consultants shall be subject to the same confidentiality standards and requirements as the Commission.D\n\nAs part of the retention process, a third-party consultant shall verify to the Commission, with notice to the insurer, that it is free of a conflict of interest and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this article.E\n\nA written agreement with the NAIC or a third-party consultant, or both, governing sharing and use of information provided pursuant to this article shall contain the following provisions and expressly require the written consent of the insurer prior to making public information provided under this article:1\n\nSpecific procedures and protocols for maintaining the confidentiality and security of CGAD-related information shared with the NAIC or a third-party consultant pursuant to this article;2\n\nProcedures and protocols for sharing by the NAIC only with other state regulators from states in which the insurance group has domiciled insurers. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the CGAD-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality;3\n\nA provision specifying that ownership of the CGAD-related information shared with the NAIC or a third-party consultant remains with the Commission and the NAIC’s or third-party consultant’s use of the information is subject to the direction of the Commission;4\n\nA provision that prohibits the NAIC or a third-party consultant from storing the information shared pursuant to this article in a permanent database after the underlying analysis is completed;5\n\nA provision requiring the NAIC or third-party consultant to provide prompt notice to the Commission and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer’s CGAD-related information; and6\n\nA requirement that the NAIC or a third-party consultant consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third-party consultant may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant pursuant to this article.","order_by":null,"text":{"0":{"id":308718,"text":"The Commission may retain, at the insurer’s expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the Commission’s staff as may be reasonably necessary to assist the Commission in reviewing the CGAD and related information or the insurer’s compliance with this article.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":308719,"text":"Any persons retained under subsection A shall be under the direction and control of the Commission and shall act in a purely advisory capacity.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":308720,"text":"The NAIC and third-party consultants shall be subject to the same confidentiality standards and requirements as the Commission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":308721,"text":"As part of the retention process, a third-party consultant shall verify to the Commission, with notice to the insurer, that it is free of a conflict of interest and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this article.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":308722,"text":"A written agreement with the NAIC or a third-party consultant, or both, governing sharing and use of information provided pursuant to this article shall contain the following provisions and expressly require the written consent of the insurer prior to making public information provided under this article:","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"E1"},"5":{"id":308723,"text":"Specific procedures and protocols for maintaining the confidentiality and security of CGAD-related information shared with the NAIC or a third-party consultant pursuant to this article;","type":"section","prefixes":["E","1"],"prefix":"1","entire_prefix":"E1","prefix_anchor":"E1","level":2,"prior_prefix":"E","next_prefix":"E2"},"6":{"id":308724,"text":"Procedures and protocols for sharing by the NAIC only with other state regulators from states in which the insurance group has domiciled insurers. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the CGAD-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality;","type":"section","prefixes":["E","2"],"prefix":"2","entire_prefix":"E2","prefix_anchor":"E2","level":2,"prior_prefix":"E1","next_prefix":"E3"},"7":{"id":308725,"text":"A provision specifying that ownership of the CGAD-related information shared with the NAIC or a third-party consultant remains with the Commission and the NAIC’s or third-party consultant’s use of the information is subject to the direction of the Commission;","type":"section","prefixes":["E","3"],"prefix":"3","entire_prefix":"E3","prefix_anchor":"E3","level":2,"prior_prefix":"E2","next_prefix":"E4"},"8":{"id":308726,"text":"A provision that prohibits the NAIC or a third-party consultant from storing the information shared pursuant to this article in a permanent database after the underlying analysis is completed;","type":"section","prefixes":["E","4"],"prefix":"4","entire_prefix":"E4","prefix_anchor":"E4","level":2,"prior_prefix":"E3","next_prefix":"E5"},"9":{"id":308727,"text":"A provision requiring the NAIC or third-party consultant to provide prompt notice to the Commission and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer’s CGAD-related information; and","type":"section","prefixes":["E","5"],"prefix":"5","entire_prefix":"E5","prefix_anchor":"E5","level":2,"prior_prefix":"E4","next_prefix":"E6"},"10":{"id":308728,"text":"A requirement that the NAIC or a third-party consultant consent to intervention by an insurer in any judicial or administrative action in which the NAIC or a third-party consultant may be required to disclose confidential information about the insurer shared with the NAIC or a third-party consultant pursuant to this article.","type":"section","prefixes":["E","6"],"prefix":"6","entire_prefix":"E6","prefix_anchor":"E6","level":2,"prior_prefix":"E5"}},"ancestry":[{"id":13689,"edition_id":1,"name":"Corporate Governance Annual Disclosures","identifier":"5.2","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:45:34","date_modified":"2026-06-26 03:45:34","permalink":{"id":211729,"object_type":"structure","relational_id":13689,"identifier":"5.2","token":"38.2\/13\/5.2","url":"\/38.2\/13\/5.2\/","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":65917,"structure_id":13689,"section_number":"38.2-1334.11","catch_line":"Definitions","url":"\/38.2-1334.11\/","token":"38.2\/13\/5.2\/38.2-1334.11","metadata":false},{"id":87455,"structure_id":13689,"section_number":"38.2-1334.12","catch_line":"Disclosure requirement","url":"\/38.2-1334.12\/","token":"38.2\/13\/5.2\/38.2-1334.12","metadata":false},{"id":71848,"structure_id":13689,"section_number":"38.2-1334.13","catch_line":"Contents of Corporate Governance Annual Disclosure","url":"\/38.2-1334.13\/","token":"38.2\/13\/5.2\/38.2-1334.13","metadata":false},{"id":66192,"structure_id":13689,"section_number":"38.2-1334.14","catch_line":"Confidentiality","url":"\/38.2-1334.14\/","token":"38.2\/13\/5.2\/38.2-1334.14","metadata":false},{"id":86182,"structure_id":13689,"section_number":"38.2-1334.15","catch_line":"NAIC and third-party consultants","url":"\/38.2-1334.15\/","token":"38.2\/13\/5.2\/38.2-1334.15","metadata":false},{"id":54668,"structure_id":13689,"section_number":"38.2-1334.16","catch_line":"Rules and regulations","url":"\/38.2-1334.16\/","token":"38.2\/13\/5.2\/38.2-1334.16","metadata":false},{"id":74286,"structure_id":13689,"section_number":"38.2-1334.17","catch_line":"Sanctions","url":"\/38.2-1334.17\/","token":"38.2\/13\/5.2\/38.2-1334.17","metadata":false}],"previous_section":{"id":66192,"structure_id":13689,"section_number":"38.2-1334.14","catch_line":"Confidentiality","url":"\/38.2-1334.14\/","token":"38.2\/13\/5.2\/38.2-1334.14","metadata":false},"next_section":{"id":54668,"structure_id":13689,"section_number":"38.2-1334.16","catch_line":"Rules and regulations","url":"\/38.2-1334.16\/","token":"38.2\/13\/5.2\/38.2-1334.16","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1334.15\/","history_text":"

This law was first created in 2017. The record of its establishment is cataloged in chapter 643<\/a> 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.<\/p>","references":[{"id":66192,"section_number":"38.2-1334.14","catch_line":"Confidentiality","order_by":null,"url":"\/38.2-1334.14\/"}],"refers_to":false,"permalink":{"id":211747,"object_type":"law","relational_id":86182,"identifier":"38.2-1334.15","token":"38.2\/13\/5.2\/38.2-1334.15","url":"\/38.2-1334.15\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1334.15\/","token":"38.2\/13\/5.2\/38.2-1334.15","dublin_core":{"Title":"NAIC and third-party consultants","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1334.15","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span> may retain, at the insurer<\/span>’s expense, third-party<\/span> consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the Commission<\/span>’s staff as may be reasonably necessary to assist the Commission<\/span> in reviewing the CGAD<\/span> and related information or the insurer<\/span>’s compliance with this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any persons<\/span> retained under subsection A shall be under the direction and control of the Commission<\/span> and shall act in a purely advisory capacity. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The NAIC<\/span> and third-party<\/span> consultants shall be subject to the same confidentiality standards and requirements as the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> As part of the retention process, a third-party<\/span> consultant shall verify to the Commission<\/span>, with notice to the insurer<\/span>, that it is free of a conflict of interest<\/span> and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> A written agreement with the NAIC<\/span> or a third-party<\/span> consultant, or both, governing sharing and use of information provided pursuant to this article shall contain the following provisions and expressly require the written consent of the insurer<\/span> prior to making public information provided under this article: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Specific procedures and protocols for maintaining the confidentiality and security of CGAD<\/span>-related information shared with the NAIC<\/span> or a third-party<\/span> consultant pursuant to this article; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Procedures and protocols for sharing by the NAIC<\/span> only with other state<\/span> regulators from states<\/span> in which the insurance group<\/span> has domiciled insurers<\/span>. The agreement shall provide that the recipient agrees in writing to maintain the confidentiality and privileged status of the CGAD<\/span>-related documents, materials<\/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

3.<\/span> A provision specifying that ownership of the CGAD<\/span>-related information shared with the NAIC<\/span> or a third-party<\/span> consultant remains with the Commission<\/span> and the NAIC<\/span>’s or third-party<\/span> consultant’s use of the information is subject to the direction of the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> A provision that prohibits the NAIC<\/span> or a third-party<\/span> consultant from storing the information shared pursuant to this article in a permanent database after the underlying analysis is completed; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> A provision requiring the NAIC<\/span> or third-party<\/span> consultant to provide prompt notice to the Commission<\/span> and to the insurer<\/span> or insurance group<\/span> regarding any subpoena<\/span>, request for disclosure, or request for production of the insurer<\/span>’s CGAD<\/span>-related information; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> A requirement that the NAIC<\/span> or a third-party<\/span> consultant consent to intervention by an insurer<\/span> in any judicial or administrative action in which the NAIC<\/span> or a third-party<\/span> consultant may be required to disclose confidential information about the insurer<\/span> shared with the NAIC<\/span> or a third-party<\/span> consultant pursuant to this article. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nNAIC AND THIRD-PARTY CONSULTANTS (\u00a7 38.2-1334.15)\n\nA. The Commission may retain, at the insurer’s expense, third-party\nconsultants, including attorneys, actuaries, accountants, and other experts not\notherwise a part of the Commission’s staff as may be reasonably necessary\nto assist the Commission in reviewing the CGAD and related information or the\ninsurer’s compliance with this article.\n\nB. Any persons retained under subsection A shall be under the direction and\ncontrol of the Commission and shall act in a purely advisory capacity.\n\nC. The NAIC and third-party consultants shall be subject to the same\nconfidentiality standards and requirements as the Commission.\n\nD. As part of the retention process, a third-party consultant shall verify to\nthe Commission, with notice to the insurer, that it is free of a conflict of\ninterest and that it has internal procedures in place to monitor compliance with\na conflict and to comply with the confidentiality standards and requirements of\nthis article.\n\nE. A written agreement with the NAIC or a third-party consultant, or both,\ngoverning sharing and use of information provided pursuant to this article shall\ncontain the following provisions and expressly require the written consent of\nthe insurer prior to making public information provided under this article:\n\n 1. Specific procedures and protocols for maintaining the confidentiality and\n security of CGAD-related information shared with the NAIC or a third-party\n consultant pursuant to this article;\n\n 2. Procedures and protocols for sharing by the NAIC only with other state\n regulators from states in which the insurance group has domiciled insurers.\n The agreement shall provide that the recipient agrees in writing to maintain\n the confidentiality and privileged status of the CGAD-related documents,\n materials, or other information and has verified in writing the legal\n authority to maintain confidentiality;\n\n 3. A provision specifying that ownership of the CGAD-related information\n shared with the NAIC or a third-party consultant remains with the Commission\n and the NAIC’s or third-party consultant’s use of the information\n is subject to the direction of the Commission;\n\n 4. A provision that prohibits the NAIC or a third-party consultant from\n storing the information shared pursuant to this article in a permanent\n database after the underlying analysis is completed;\n\n 5. A provision requiring the NAIC or third-party consultant to provide prompt\n notice to the Commission and to the insurer or insurance group regarding any\n subpoena, request for disclosure, or request for production of the\n insurer’s CGAD-related information; and\n\n 6. A requirement that the NAIC or a third-party consultant consent to\n intervention by an insurer in any judicial or administrative action in which\n the NAIC or a third-party consultant may be required to disclose confidential\n information about the insurer shared with the NAIC or a third-party consultant\n pursuant to this article.\n\nHISTORY: 2017, c. 643.","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}}