{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1382.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1382.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1382.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1382.html"}],"law_id":67564,"edition_id":1,"section_id":67564,"structure_id":14262,"section_number":"38.2-1382","catch_line":"Confidentiality","history":"2014, c. 571.","full_text":"A\n\nFor purposes of this section, “confidential information” means:1\n\nA memorandum in support of an opinion submitted under § 38.2-1367 and any other documents, materials, and other information, including all working papers, and copies thereof, created, produced, or obtained by or disclosed to the Commission or any other person in connection with such memorandum;2\n\nAll documents, materials, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission or any other person in the course of an examination made under subsection F of § 38.2-1379, provided, however, that if an examination report or other material prepared in connection with an examination made under Article 4 (§ 38.2-1317 et seq.) of Chapter 13 is not held as private and confidential information under Article 4, an examination report or other material prepared in connection with an examination made under subsection F of § 38.2-1379 shall not be “confidential information” to the same extent as if such examination report or other material had been prepared under Article 4;3\n\nAny reports, documents, materials, and other information developed by an insurer in support of, or in connection with, an annual certification by the insurer under subdivision B 2 of § 38.2-1380 evaluating the effectiveness of the insurer’s internal controls with respect to a principle-based valuation and any other documents, materials, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission or any other person in connection with such reports, documents, materials, and other information;4\n\nAny principle-based valuation report developed under subdivision B 3 of § 38.2-1380 and any other documents, materials, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission or any other person in connection with such report; and5\n\nAny documents, materials, data, and other information submitted by an insurer under § 38.2-1381 (which are collectively referred to in this section as “experience data”) and any other documents, materials, data, and other information, including all working papers and copies thereof created or produced in connection with such experience data, in each case that includes any potentially company-identifying or personally identifiable information, that is provided to or obtained by the Commission (which, together with any experience data, are referred to in this section as the “experience materials”), and any other documents, materials, data, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission or any other person in connection with such experience materials.B\n\nPrivilege for, and confidentiality of, confidential information shall be governed by the following provisions:1\n\nExcept as provided in this section, an insurer’s confidential information is confidential by law and privileged, and shall not be subject to subpoena and shall not be subject to discovery or admissible in evidence in any private civil action, provided, however, that the Commission is authorized to use the confidential information in the furtherance of any regulatory or legal action brought against an insurer as a part of the Commission’s official duties;2\n\nNeither the Commission nor any person who received confidential information while acting under the authority of the Commission shall be permitted or required to testify in any private civil action concerning any confidential information;3\n\nIn order to assist in the performance of the Commission’s duties, the Commission may share confidential information (i) with other state, federal, and international regulatory agencies and with the NAIC and its affiliates and subsidiaries and (ii) in the case of confidential information specified in subdivisions A 1 and A 4 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 with state, federal, and international law-enforcement officials; in the case of clauses (i) and (ii), provided that such recipient agrees, and has the legal authority to agree, to maintain the confidentiality and privileged status of such documents, materials, data, and other information in the same manner and to the same extent as required for the Commission;4\n\nThe Commission may receive documents, materials, data, and other information, including otherwise confidential and privileged documents, materials, data, or information, from the NAIC 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\n\nThe Commission may enter into agreements governing sharing and use of information consistent with this subsection;6\n\nNo waiver of any applicable privilege or claim of confidentiality in the confidential information shall occur as a result of disclosure to the Commission under this section or as a result of sharing as authorized in subdivision 3;7\n\nA 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 proceeding in, and in any court of, the Commonwealth; and8\n\nAs used in this section, “regulatory agency,” “law-enforcement agency,” and “NAIC” include their employees, agents, consultants, and contractors.C\n\nNotwithstanding subsection B, any confidential information specified in subdivisions A 1 and A 4:1\n\nMay 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 § 38.2-1367 or principle-based valuation report developed under subdivision B 3 § 38.2-1380 by reason of an action required by this article or by regulations adopted hereunder;2\n\nMay otherwise be released by the Commission with the written consent of the insurer; and3\n\nOnce any portion of a memorandum in support of an opinion submitted under § 38.2-1367 or a principle-based valuation report developed under subdivision B 3 § 38.2-1380 is cited by an insurer in its marketing or is publicly volunteered to or before a governmental agency other than a state insurance department or is released by an insurer to the news media, all portions of such memorandum or report shall no longer be confidential.","order_by":null,"text":{"0":{"id":244806,"text":"For purposes of this section, “confidential information” means:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":244807,"text":"A memorandum in support of an opinion submitted under § 38.2-1367 and any other documents, materials, and other information, including all working papers, and copies thereof, created, produced, or obtained by or disclosed to the Commission or any other person in connection with such memorandum;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":244808,"text":"All documents, materials, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission or any other person in the course of an examination made under subsection F of § 38.2-1379, provided, however, that if an examination report or other material prepared in connection with an examination made under Article 4 (§ 38.2-1317 et seq.) of Chapter 13 is not held as private and confidential information under Article 4, an examination report or other material prepared in connection with an examination made under subsection F of § 38.2-1379 shall not be “confidential information” to the same extent as if such examination report or other material had been prepared under Article 4;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":244809,"text":"Any reports, documents, materials, and other information developed by an insurer in support of, or in connection with, an annual certification by the insurer under subdivision B 2 of § 38.2-1380 evaluating the effectiveness of the insurer’s internal controls with respect to a principle-based valuation and any other documents, materials, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission or any other person in connection with such reports, documents, materials, and other information;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":244810,"text":"Any principle-based valuation report developed under subdivision B 3 of § 38.2-1380 and any other documents, materials, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission or any other person in connection with such report; and","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":244811,"text":"Any documents, materials, data, and other information submitted by an insurer under § 38.2-1381 (which are collectively referred to in this section as “experience data”) and any other documents, materials, data, and other information, including all working papers and copies thereof created or produced in connection with such experience data, in each case that includes any potentially company-identifying or personally identifiable information, that is provided to or obtained by the Commission (which, together with any experience data, are referred to in this section as the “experience materials”), and any other documents, materials, data, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission or any other person in connection with such experience materials.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"B"},"6":{"id":244812,"text":"Privilege for, and confidentiality of, confidential information shall be governed by the following provisions:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A5","next_prefix":"B1"},"7":{"id":244813,"text":"Except as provided in this section, an insurer’s confidential information is confidential by law and privileged, and shall not be subject to subpoena and shall not be subject to discovery or admissible in evidence in any private civil action, provided, however, that the Commission is authorized to use the confidential information in the furtherance of any regulatory or legal action brought against an insurer as a part of the Commission’s official duties;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"8":{"id":244814,"text":"Neither the Commission nor any person who received confidential information while acting under the authority of the Commission shall be permitted or required to testify in any private civil action concerning any confidential information;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"9":{"id":244815,"text":"In order to assist in the performance of the Commission’s duties, the Commission may share confidential information (i) with other state, federal, and international regulatory agencies and with the NAIC and its affiliates and subsidiaries and (ii) in the case of confidential information specified in subdivisions A 1 and A 4 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 with state, federal, and international law-enforcement officials; in the case of clauses (i) and (ii), provided that such recipient agrees, and has the legal authority to agree, to maintain the confidentiality and privileged status of such documents, materials, data, and other information in the same manner and to the same extent as required for the Commission;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"10":{"id":244816,"text":"The Commission may receive documents, materials, data, and other information, including otherwise confidential and privileged documents, materials, data, or information, from the NAIC 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;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"11":{"id":244817,"text":"The Commission may enter into agreements governing sharing and use of information consistent with this subsection;","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"12":{"id":244818,"text":"No waiver of any applicable privilege or claim of confidentiality in the confidential information shall occur as a result of disclosure to the Commission under this section or as a result of sharing as authorized in subdivision 3;","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"B7"},"13":{"id":244819,"text":"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 proceeding in, and in any court of, the Commonwealth; and","type":"section","prefixes":["B","7"],"prefix":"7","entire_prefix":"B7","prefix_anchor":"B7","level":2,"prior_prefix":"B6","next_prefix":"B8"},"14":{"id":244820,"text":"As used in this section, “regulatory agency,” “law-enforcement agency,” and “NAIC” include their employees, agents, consultants, and contractors.","type":"section","prefixes":["B","8"],"prefix":"8","entire_prefix":"B8","prefix_anchor":"B8","level":2,"prior_prefix":"B7","next_prefix":"C"},"15":{"id":244821,"text":"Notwithstanding subsection B, any confidential information specified in subdivisions A 1 and A 4:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B8","next_prefix":"C1"},"16":{"id":244822,"text":"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 § 38.2-1367 or principle-based valuation report developed under subdivision B 3 § 38.2-1380 by reason of an action required by this article or by regulations adopted hereunder;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"17":{"id":244823,"text":"May otherwise be released by the Commission with the written consent of the insurer; and","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"18":{"id":244824,"text":"Once any portion of a memorandum in support of an opinion submitted under § 38.2-1367 or a principle-based valuation report developed under subdivision B 3 § 38.2-1380 is cited by an insurer in its marketing or is publicly volunteered to or before a governmental agency other than a state insurance department or is released by an insurer to the news media, all portions of such memorandum or report shall no longer be confidential.","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2"}},"ancestry":[{"id":14262,"edition_id":1,"name":"Standard Valuation","identifier":"10","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:47:30","date_modified":"2026-06-26 03:47:30","permalink":{"id":211387,"object_type":"structure","relational_id":14262,"identifier":"10","token":"38.2\/13\/10","url":"\/38.2\/13\/10\/","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":84586,"structure_id":14262,"section_number":"38.2-1365","catch_line":"Definitions","url":"\/38.2-1365\/","token":"38.2\/13\/10\/38.2-1365","metadata":false},{"id":80617,"structure_id":14262,"section_number":"38.2-1366","catch_line":"Reserve valuation","url":"\/38.2-1366\/","token":"38.2\/13\/10\/38.2-1366","metadata":false},{"id":70162,"structure_id":14262,"section_number":"38.2-1367","catch_line":"Actuarial opinion of reserves","url":"\/38.2-1367\/","token":"38.2\/13\/10\/38.2-1367","metadata":false},{"id":67907,"structure_id":14262,"section_number":"38.2-1368","catch_line":"Minimum valuation standard for policies issued prior to certain dates","url":"\/38.2-1368\/","token":"38.2\/13\/10\/38.2-1368","metadata":false},{"id":66783,"structure_id":14262,"section_number":"38.2-1369","catch_line":"Computation of minimum standard","url":"\/38.2-1369\/","token":"38.2\/13\/10\/38.2-1369","metadata":false},{"id":86779,"structure_id":14262,"section_number":"38.2-1370","catch_line":"Computation of minimum standard for annuities","url":"\/38.2-1370\/","token":"38.2\/13\/10\/38.2-1370","metadata":false},{"id":76954,"structure_id":14262,"section_number":"38.2-1371","catch_line":"Computation of minimum standard by calendar year of issue","url":"\/38.2-1371\/","token":"38.2\/13\/10\/38.2-1371","metadata":false},{"id":72346,"structure_id":14262,"section_number":"38.2-1372","catch_line":"Reserve valuation method; life insurance and endowment benefits","url":"\/38.2-1372\/","token":"38.2\/13\/10\/38.2-1372","metadata":false},{"id":76847,"structure_id":14262,"section_number":"38.2-1373","catch_line":"Reserve valuation method; annuity and pure endowment benefits","url":"\/38.2-1373\/","token":"38.2\/13\/10\/38.2-1373","metadata":false},{"id":77501,"structure_id":14262,"section_number":"38.2-1374","catch_line":"Minimum reserves","url":"\/38.2-1374\/","token":"38.2\/13\/10\/38.2-1374","metadata":false},{"id":84837,"structure_id":14262,"section_number":"38.2-1375","catch_line":"Optional reserve calculation","url":"\/38.2-1375\/","token":"38.2\/13\/10\/38.2-1375","metadata":false},{"id":55507,"structure_id":14262,"section_number":"38.2-1376","catch_line":"Reserve calculation; valuation net premium exceeding the gross premium charged","url":"\/38.2-1376\/","token":"38.2\/13\/10\/38.2-1376","metadata":false},{"id":76132,"structure_id":14262,"section_number":"38.2-1377","catch_line":"Reserve calculation; indeterminate premium plans","url":"\/38.2-1377\/","token":"38.2\/13\/10\/38.2-1377","metadata":false},{"id":71532,"structure_id":14262,"section_number":"38.2-1378","catch_line":"Minimum standard for accident and health insurance contracts","url":"\/38.2-1378\/","token":"38.2\/13\/10\/38.2-1378","metadata":false},{"id":86866,"structure_id":14262,"section_number":"38.2-1379","catch_line":"Valuation manual for policies issued on or after the operative date of the valuation manual","url":"\/38.2-1379\/","token":"38.2\/13\/10\/38.2-1379","metadata":false},{"id":82780,"structure_id":14262,"section_number":"38.2-1380","catch_line":"Requirements of a principle-based valuation","url":"\/38.2-1380\/","token":"38.2\/13\/10\/38.2-1380","metadata":false},{"id":56910,"structure_id":14262,"section_number":"38.2-1381","catch_line":"Experience reporting for policies in force on or after the operative date of the valuation manual","url":"\/38.2-1381\/","token":"38.2\/13\/10\/38.2-1381","metadata":false},{"id":67564,"structure_id":14262,"section_number":"38.2-1382","catch_line":"Confidentiality","url":"\/38.2-1382\/","token":"38.2\/13\/10\/38.2-1382","metadata":false},{"id":76707,"structure_id":14262,"section_number":"38.2-1383","catch_line":"Single state exemption","url":"\/38.2-1383\/","token":"38.2\/13\/10\/38.2-1383","metadata":false},{"id":63558,"structure_id":14262,"section_number":"38.2-1384","catch_line":"Assessment against insurers whose policies are valued","url":"\/38.2-1384\/","token":"38.2\/13\/10\/38.2-1384","metadata":false},{"id":65928,"structure_id":14262,"section_number":"38.2-1385","catch_line":"Article not applicable in certain cases","url":"\/38.2-1385\/","token":"38.2\/13\/10\/38.2-1385","metadata":false}],"previous_section":{"id":56910,"structure_id":14262,"section_number":"38.2-1381","catch_line":"Experience reporting for policies in force on or after the operative date of the valuation manual","url":"\/38.2-1381\/","token":"38.2\/13\/10\/38.2-1381","metadata":false},"next_section":{"id":76707,"structure_id":14262,"section_number":"38.2-1383","catch_line":"Single state exemption","url":"\/38.2-1383\/","token":"38.2\/13\/10\/38.2-1383","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1382\/","history_text":"

This law was first created in 2014. The record of its establishment is cataloged in chapter 571<\/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":false,"refers_to":[{"id":85909,"section_number":"38.2-1317","catch_line":"Examinations; when authorized or required","order_by":null,"url":"\/38.2-1317\/"},{"id":70162,"section_number":"38.2-1367","catch_line":"Actuarial opinion of reserves","order_by":null,"url":"\/38.2-1367\/"},{"id":86866,"section_number":"38.2-1379","catch_line":"Valuation manual for policies issued on or after the operative date of the valuation manual","order_by":null,"url":"\/38.2-1379\/"},{"id":82780,"section_number":"38.2-1380","catch_line":"Requirements of a principle-based valuation","order_by":null,"url":"\/38.2-1380\/"},{"id":56910,"section_number":"38.2-1381","catch_line":"Experience reporting for policies in force on or after the operative date of the valuation manual","order_by":null,"url":"\/38.2-1381\/"}],"permalink":{"id":211457,"object_type":"law","relational_id":67564,"identifier":"38.2-1382","token":"38.2\/13\/10\/38.2-1382","url":"\/38.2-1382\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1382\/","token":"38.2\/13\/10\/38.2-1382","dublin_core":{"Title":"Confidentiality","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1382","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For purposes of this section, “confidential information” means: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A memorandum<\/span> in support of an opinion<\/span> submitted under § 38.2-1367<\/a> and any other documents, materials<\/span>, and other information, including all working papers, and copies thereof, created, produced, or obtained by or disclosed to the Commission<\/span> or any other person<\/span> in connection with such memorandum<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> All documents, materials<\/span>, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission<\/span> or any other person<\/span> in the course of an examination made under subsection F of § 38.2-1379<\/a>, provided, however, that if an examination report or other material<\/span> prepared in connection with an examination made under Article 4 (§ 38.2-1317<\/a> et seq.) of Chapter 13 is not held as private and confidential information under Article 4, an examination report or other material<\/span> prepared in connection with an examination made under subsection F of § 38.2-1379<\/a> shall not be “confidential information” to the same extent as if such examination report or other material<\/span> had been prepared under Article 4; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Any reports, documents, materials<\/span>, and other information developed by an insurer<\/span> in support of, or in connection with, an annual certification by the insurer<\/span> under subdivision B 2 of § 38.2-1380<\/a> evaluating the effectiveness of the insurer<\/span>’s internal controls with respect to a principle-based valuation<\/span> and any other documents, materials<\/span>, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission<\/span> or any other person<\/span> in connection with such reports, documents, materials<\/span>, and other information; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Any principle-based valuation<\/span> report developed under subdivision B 3 of § 38.2-1380<\/a> and any other documents, materials<\/span>, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission<\/span> or any other person<\/span> in connection with such report; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Any documents, materials, data, and other information submitted by an insurer<\/span> under § 38.2-1381<\/a> (which are collectively referred to in this section as “experience data<\/span>”) and any other documents, materials, data, and other information, including all working papers and copies thereof created or produced in connection with such experience data<\/span>, in each case that includes any potentially company<\/span>-identifying or personally identifiable information, that is provided to or obtained by the Commission<\/span> (which, together with any experience data<\/span>, are referred to in this section as the “experience materials<\/span>”), and any other documents, materials, data, and other information, including all working papers and copies thereof created, produced, or obtained by or disclosed to the Commission<\/span> or any other person<\/span> in connection with such experience materials<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Privilege<\/span> for, and confidentiality of, confidential information shall be governed by the following provisions: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Except as provided in this section, an insurer<\/span>’s confidential information is confidential by law<\/span> and privileged, and 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>, provided, however, that the Commission<\/span> is authorized to use the confidential information in the furtherance of any regulatory or legal action brought against an insurer<\/span> as a part of the Commission<\/span>’s official duties; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Neither the Commission<\/span> nor any person<\/span> who received confidential information while acting under the authority of the Commission<\/span> shall be permitted or required to testify in any private civil action<\/span> concerning any confidential information; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> In order<\/span> to assist in the performance of the Commission<\/span>’s duties, the Commission<\/span> may share confidential information (i) with other state<\/span>, federal, and international regulatory agencies and with the NAIC<\/span> and its affiliates and subsidiaries and (ii) in the case of confidential information specified in subdivisions A 1 and A 4 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 with state<\/span>, federal, and international law<\/span>-enforcement officials; in the case of clauses (i) and (ii), provided that such recipient agrees, and has the legal authority to agree, to maintain the confidentiality and privileged status of such documents, materials, data, and other information in the same manner and to the same extent as required for the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The Commission<\/span> may receive documents, materials, data, and other information, including otherwise confidential and privileged documents, materials, data, or information, from the NAIC<\/span> and its affiliates and subsidiaries, from regulatory or law<\/span>-enforcement officials of other foreign or domestic jurisdictions<\/span>, and from the Actuarial Board for Counseling and Discipline or its successor and shall maintain as confidential or privileged any document, material<\/span>, data, or other 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 other information; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The Commission<\/span> may enter into agreements governing sharing and use of information consistent with this subsection; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> No waiver<\/span> of any applicable privilege<\/span> or claim of confidentiality in the confidential information shall occur as a result of disclosure to the Commission<\/span> under this section or as a result of sharing as authorized in subdivision 3; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> A privilege<\/span> established under the law<\/span> of any state<\/span> or jurisdiction<\/span> that is substantially similar to the privilege<\/span> established under this subsection shall be available and enforced in any proceeding in, and in any court<\/span> of, the Commonwealth; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> As used in this section, “regulatory agency,” “law<\/span>-enforcement agency,” and “NAIC<\/span>” include their employees, agents, consultants, and contractors. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding subsection B, any confidential information specified in subdivisions A 1 and A 4: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> May be subject to subpoena<\/span> for the purpose of defending an action seeking damages<\/span> from the appointed actuary<\/span> submitting the related memorandum<\/span> in support of an opinion<\/span> submitted under § 38.2-1367<\/a> or principle-based valuation<\/span> report developed under subdivision B 3 § 38.2-1380<\/a> by reason of an action required by this article or by regulations adopted hereunder; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> May otherwise be released by the Commission<\/span> with the written consent of the insurer<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Once any portion of a memorandum<\/span> in support of an opinion<\/span> submitted under § 38.2-1367<\/a> or a principle-based valuation<\/span> report developed under subdivision B 3 § 38.2-1380<\/a> is cited by an insurer<\/span> in its marketing or is publicly volunteered to or before a governmental agency other than a state<\/span> insurance<\/span> department or is released by an insurer<\/span> to the news media, all portions of such memorandum<\/span> or report shall no longer be confidential. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONFIDENTIALITY (\u00a7 38.2-1382)\n\nA. For purposes of this section, “confidential information” means:\n\n 1. A memorandum in support of an opinion submitted under § 38.2-1367 and\n any other documents, materials, and other information, including all working\n papers, and copies thereof, created, produced, or obtained by or disclosed to\n the Commission or any other person in connection with such memorandum;\n\n 2. All documents, materials, and other information, including all working\n papers and copies thereof created, produced, or obtained by or disclosed to\n the Commission or any other person in the course of an examination made under\n subsection F of § 38.2-1379, provided, however, that if an examination\n report or other material prepared in connection with an examination made under\n Article 4 (§ 38.2-1317 et seq.) of Chapter 13 is not held as private and\n confidential information under Article 4, an examination report or other\n material prepared in connection with an examination made under subsection F of\n § 38.2-1379 shall not be “confidential information” to the\n same extent as if such examination report or other material had been prepared\n under Article 4;\n\n 3. Any reports, documents, materials, and other information developed by an\n insurer in support of, or in connection with, an annual certification by the\n insurer under subdivision B 2 of § 38.2-1380 evaluating the effectiveness\n of the insurer’s internal controls with respect to a principle-based\n valuation and any other documents, materials, and other information, including\n all working papers and copies thereof created, produced, or obtained by or\n disclosed to the Commission or any other person in connection with such\n reports, documents, materials, and other information;\n\n 4. Any principle-based valuation report developed under subdivision B 3 of\n § 38.2-1380 and any other documents, materials, and other information,\n including all working papers and copies thereof created, produced, or obtained\n by or disclosed to the Commission or any other person in connection with such\n report; and\n\n 5. Any documents, materials, data, and other information submitted by an\n insurer under § 38.2-1381 (which are collectively referred to in this\n section as “experience data”) and any other documents, materials,\n data, and other information, including all working papers and copies thereof\n created or produced in connection with such experience data, in each case that\n includes any potentially company-identifying or personally identifiable\n information, that is provided to or obtained by the Commission (which,\n together with any experience data, are referred to in this section as the\n “experience materials”), and any other documents, materials, data,\n and other information, including all working papers and copies thereof\n created, produced, or obtained by or disclosed to the Commission or any other\n person in connection with such experience materials.\n\nB. Privilege for, and confidentiality of, confidential information shall be\ngoverned by the following provisions:\n\n 1. Except as provided in this section, an insurer’s confidential\n information is confidential by law and privileged, and shall not be subject to\n subpoena and shall not be subject to discovery or admissible in evidence in\n any private civil action, provided, however, that the Commission is authorized\n to use the confidential information in the furtherance of any regulatory or\n legal action brought against an insurer as a part of the Commission’s\n official duties;\n\n 2. Neither the Commission nor any person who received confidential information\n while acting under the authority of the Commission shall be permitted or\n required to testify in any private civil action concerning any confidential\n information;\n\n 3. In order to assist in the performance of the Commission’s duties, the\n Commission may share confidential information (i) with other state, federal,\n and international regulatory agencies and with the NAIC and its affiliates and\n subsidiaries and (ii) in the case of confidential information specified in\n subdivisions A 1 and A 4 only, with the Actuarial Board for Counseling and\n Discipline or its successor upon request stating that the confidential\n information is required for the purpose of professional disciplinary\n proceedings and with state, federal, and international law-enforcement\n officials; in the case of clauses (i) and (ii), provided that such recipient\n agrees, and has the legal authority to agree, to maintain the confidentiality\n and privileged status of such documents, materials, data, and other\n information in the same manner and to the same extent as required for the\n Commission;\n\n 4. The Commission may receive documents, materials, data, and other\n information, including otherwise confidential and privileged documents,\n materials, data, or information, from the NAIC and its affiliates and\n subsidiaries, from regulatory or law-enforcement officials of other foreign or\n domestic jurisdictions, and from the Actuarial Board for Counseling and\n Discipline or its successor and shall maintain as confidential or privileged\n any document, material, data, or other information received with notice or the\n understanding that it is confidential or privileged under the laws of the\n jurisdiction that is the source of the document, material, or other\n information;\n\n 5. The Commission may enter into agreements governing sharing and use of\n information consistent with this subsection;\n\n 6. No waiver of any applicable privilege or claim of confidentiality in the\n confidential information shall occur as a result of disclosure to the\n Commission under this section or as a result of sharing as authorized in\n subdivision 3;\n\n 7. A privilege established under the law of any state or jurisdiction that is\n substantially similar to the privilege established under this subsection shall\n be available and enforced in any proceeding in, and in any court of, the\n Commonwealth; and\n\n 8. As used in this section, “regulatory agency,”\n “law-enforcement agency,” and “NAIC” include their\n employees, agents, consultants, and contractors.\n\nC. Notwithstanding subsection B, any confidential information specified in\nsubdivisions A 1 and A 4:\n\n 1. May be subject to subpoena for the purpose of defending an action seeking\n damages from the appointed actuary submitting the related memorandum in\n support of an opinion submitted under § 38.2-1367 or principle-based\n valuation report developed under subdivision B 3 § 38.2-1380 by reason of\n an action required by this article or by regulations adopted hereunder;\n\n 2. May otherwise be released by the Commission with the written consent of the\n insurer; and\n\n 3. Once any portion of a memorandum in support of an opinion submitted under\n § 38.2-1367 or a principle-based valuation report developed under\n subdivision B 3 § 38.2-1380 is cited by an insurer in its marketing or is\n publicly volunteered to or before a governmental agency other than a state\n insurance department or is released by an insurer to the news media, all\n portions of such memorandum or report shall no longer be confidential.\n\nHISTORY: 2014, c. 571.","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}}