                                 CODE OF VIRGINIA

CONFIDENTIALITY (§ 38.2-1334.9)

A. The ORSA summary report is recognized by the Commonwealth as containing
confidential and sensitive information related to an insurer or insurance
group&#8217;s identification of risks material and relevant to the insurer or
insurance group filing the report. 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 ORSA summary report shall be a confidential document filed with the
Commission, the report 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 report be subject to public disclosure.

B. Documents, materials, or other information, including the ORSA summary
report, 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.

C. Neither the Commission nor any person who received documents, materials, or
other ORSA-related information, through examination or otherwise, while acting
under the authority of the Commission or with whom such documents, materials, or
other information is 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 subsections A and B.

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 ORSA-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 any third-party consultants
   designated by the Commission, provided that the recipient agrees in writing to
   maintain the confidentiality and privileged status of the ORSA-related
   documents, materials, or other information and has verified in writing the
   legal authority to maintain confidentiality;

   2. May receive documents, materials, or other ORSA-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; and

   3. Shall enter into a written agreement with the NAIC or a third-party
   consultant governing the sharing and use of information provided pursuant to
   this article, consistent with this subsection. The agreement shall:
   				a. Specify procedures and protocols regarding the confidentiality and
   security of information shared with the NAIC or a third-party consultant
   pursuant to this article, including procedures and protocols for sharing by
   the NAIC 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
   ORSA-related documents, materials, or other information and has verified in
   writing the legal authority to maintain confidentiality;
   				b. Specify that ownership of information shared with the NAIC or a
   third-party consultant pursuant to this article remains with the Commission
   and that the use of information by the NAIC or a third-party consultant is
   subject to the direction of the Commission;
   				c. Prohibit the NAIC or third-party consultant from storing the
   information shared pursuant to this article in a permanent database after the
   underlying analysis is completed;
   				d. Require prompt notice to be given to an insurer whose confidential
   information in the possession of the NAIC or a third-party consultant pursuant
   to this article is subject to a request or subpoena to the NAIC or a
   third-party consultant for disclosure or production;
   				e. Require the NAIC or a third-party consultant to 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; and
   				f. In the case of an agreement involving a third-party consultant, provide
   for the insurer&#8217;s written consent.

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 ORSA-related
information shall occur as a result of disclosure of such ORSA-related
information or documents to the Commission under this section or as a result of
sharing as authorized in this article.

G. Documents, materials, or other information in the possession or control of
the NAIC or a third-party consultant 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.

HISTORY: 2014, c. 248.