                                 CODE OF VIRGINIA

CONFIDENTIALITY (§ 38.2-1334.14)

A. The CGAD is recognized by the Commonwealth as containing confidential and
sensitive information related to an insurer or insurance group&#8217;s internal
operations. This information includes proprietary and trade secret information
that has the potential for harm and competitive disadvantage to the insurer or
insurance group if the information is made public. The CGAD shall be a
confidential document filed with the Commission, the CGAD may be shared only as
stated in this article and to assist the Commission in the performance of its
duties, and in no event shall the CGAD be subject to public disclosure.

B. Documents, materials, or other information, including the CGAD, in the
possession of or control of the Commission that is obtained by, created by, or
disclosed to the Commission or any other person under this article is declared
to be proprietary and to contain trade secrets. All such documents, materials,
or other information 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&#8217;s official
duties. The Commission shall not otherwise make the documents, materials, or
other information public without the prior written consent of the insurer.
Nothing in this section shall be construed to require written consent of the
insurer before the Commission may share or receive confidential documents,
materials, or other CGAD-related information pursuant to subsection C to assist
in the performance of the Commission&#8217;s regular duties.

C. Neither the Commission nor any person who received documents, materials, or
other CGAD-related information, through examination or otherwise, 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.

D. In order to assist in the performance of the Commission&#8217;s regulatory
duties, the Commission:

   1. May, upon request, share documents, materials, or other CGAD-related
   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
   financial regulatory agencies, including any forum for cooperation and
   communication between insurance supervisors, known as a supervisory college,
   that is established for the purpose of facilitating the effectiveness of
   supervision of insurers, with the NAIC, and with third-party consultants
   pursuant to &#xA7; 38.2-1334.15, provided 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; and

   2. May receive documents, materials, or other CGAD-related information,
   including otherwise confidential and privileged documents, materials, or
   information, including proprietary and trade-secret information or documents,
   from regulatory officials of other foreign or domestic jurisdictions,
   including members of any supervisory college, and from the NAIC 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.

E. The sharing of information and documents 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.

F. No waiver of any applicable privilege or claim of confidentiality in the
documents, proprietary and trade-secret materials, or other CGAD-related
information shall occur as a result of disclosure of such CGAD-related
information or documents to the Commission under this section or as a result of
sharing as authorized in this article.

HISTORY: 2017, c. 643.