                                 CODE OF VIRGINIA

TREATMENT OF CONFIDENTIAL INFORMATION PURSUANT TO FEDERAL LAW (§ 38.2-221.2)

A. Any information denominated in writing as confidential by a federal regulator
and received by the Commission pursuant to the Gramm-Leach-Bliley Act of 1999
(Public Law &#xA7;&#xA7; 106-102) (hereafter, the federal act) shall be excluded
from, and the Commission shall not be subject to, subpoena or public inspection
with respect to such information.

B. Pursuant to the federal act, and notwithstanding any other provision of law,
the Commission may provide to a federal regulator any examination or other
report, record or information to which the Commission has access with respect to
any person who is engaged in the business of insurance in this Commonwealth and
is an affiliate or agent of a depository institution or financial holding
company, as those terms are defined in the federal act, provided that the
federal regulator has the legal authority, and shall agree in writing, as a
condition precedent to its receipt of such information, to maintain such
information in confidence as provided in the federal act and to take all
reasonable steps to oppose any effort to secure disclosure of such information.

C. The provision by the Commission pursuant to this section, or the provision by
a federal regulator pursuant to the federal act, of such information shall not
constitute, operate as a waiver of, or otherwise affect any existing privilege
or any claim of confidentiality to which the information is otherwise subject.

D. Nothing contained herein shall prohibit the Commission from (i) using such
confidential information in furtherance of any regulatory or legal action; (ii)
publishing any decisions, orders, findings, opinions or judgments; or (iii)
publishing any final report or any other report containing aggregated findings,
provided that such reports, decisions, orders, findings, opinions or judgments
shall not disclose any such confidential information.

E. For purposes of this section, &#8220;federal regulator&#8221; means the Board
of Governors of the Federal Reserve System, the Office of the Comptroller of the
Currency, the Office of Thrift Supervision, or the Federal Deposit Insurance
Corporation.

HISTORY: 2001, c. 519.