Proprietary and confidential nature of disclosures; limitation on testimony

(a) Documents, materials, or other information including the corporate governance annual disclosure, in the possession or control of the department that are obtained by, created by, or disclosed to the Commissioner or any other person under this chapter, are recognized by this state as being 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 Article 4 of Chapter 18 of Title 50, relating to open records, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. However, the Commissioner 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 Commissioner’s official duties. The Commissioner shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer. Nothing in this Code section shall be construed to require written consent of the insurer before the Commissioner may share or receive confidential documents, materials, or other corporate governance annual disclosure related information pursuant to subsection (c) of this Code section to assist in the performance of the Commissioner’s regular duties. (b) Neither the Commissioner nor any person who received documents, materials, or other corporate governance annual disclosure related information, through examination or otherwise, while acting under the authority of the Commissioner, or with whom such documents, materials, or other information are shared pursuant to this chapter shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to subsection (a) of this Code section. (c) In order to assist in the performance of the Commissioner’s regulatory duties, the Commissioner: (1) May, upon request, share documents, materials, or other corporate governance annual disclosure related information including the confidential and privileged documents, materials, or information subject to subsection (a) of this Code section, including proprietary and trade secret documents and materials with other state, federal, and international financial regulatory agencies, including members of any supervisory college as described in subsection (c) of Code Section 33-13-7, with the National Association of Insurance Commissioners, and with third-party consultants pursuant to Code Section 1099 33-65-7 33-65-7, provided that the recipient agrees in writing to maintain the confidentiality and privileged status of the corporate governance annual disclosure related documents, material, or other information and has verified in writing the legal authority to maintain confidentiality; and (2) May receive documents, materials, or other corporate governance annual disclosure related information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade secret information or documents, from regulatory officials of other states, federal and international financial regulatory agencies, including members of any supervisory college as described in subsection (c) of Code Section 33-13-7, and from the National Association of Insurance Commissioners, 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. (d) The sharing of information and documents by the Commissioner pursuant to this chapter shall not constitute a delegation of regulatory authority or rule-making, and the Commissioner is solely responsible for the administration, execution, and enforcement of the provisions of this chapter. (e) No waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade secret materials, or other corporate governance annual disclosure related information shall occur as a result of disclosure of such corporate governance annual disclosure related information or documents to the Commissioner under this Code section or as a result of sharing as authorized in this chapter. History. — Code 1981, § 33-65-6, enacted by Ga. L. 2019, p. 1038, § 1/HB 367. 33-65-7. Use of third-party consultants by Commissioner; advisory capacity; confidentiality standards; free of conflict of interests. (a) The Commissioner may retain, at the insurer’s expense, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner’s staff as may be reasonably necessary to assist the Commissioner in reviewing the corporate governance annual disclosure and related information or the insurer’s compliance with this chapter. (b) Any persons retained under subsection (a) of this Code section shall be under the direction and control of the Commissioner and shall act in a purely advisory capacity. 1100 33-65-7 (c) The National Association of Insurance Commissioners and third-party consultants shall be subject to the same confidentiality standards and requirements as the Commissioner. (d) As part of the retention process, a third-party consultant shall verify to the Commissioner, with notice to the insurer, that it is free of conflicts of interest and that it has internal procedures in place to monitor compliance of potential conflicts and to comply with the confidentiality standards and requirements of this chapter. (e) A written agreement between the Commissioner and the National Association of Insurance Commissioners or a third-party consultant governing sharing and use of information provided pursuant to this chapter shall contain the following provisions and expressly require the written consent of the insurer prior to making public information provided under this chapter: (1) Specific procedures and protocols for maintaining the confidentiality and security of corporate governance annual disclosure related information shared with the National Association of Insurance Commissioners or a third-party consultant pursuant to this chapter; (2) Procedures and protocols for sharing by the National Association of Insurance Commissioners 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 corporate governance annual disclosure related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality; (3) A provision specifying that ownership of the corporate governance annual disclosure related information shared with the National Association of Insurance Commissioners or a third-party consultant remains with the department, and the National Association of Insurance Commissioners’ or third-party consultant’s use of the information is subject to the direction of the Commissioner; (4) A provision that prohibits the National Association of Insurance Commissioners or a third-party consultant from storing the information shared pursuant to this chapter in a permanent data base after the underlying analysis is completed; (5) A provision requiring the National Association of Insurance Commissioners or a third-party consultant to provide prompt notice to the Commissioner and to the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of the insurer’s corporate governance annual disclosure related information; and 1101 33-65-10 (6) A requirement that the National Association of Insurance Commissioners or a third-party consultant consent to intervention by an insurer in any judicial or administrative action in which the National Association of Insurance Commissioners or a third-party consultant may be required to disclose confidential information about the insurer shared with the National Association of Insurance Commissioners or a third-party consultant pursuant to this chapter. History. — Code 1981, § 33-65-7, enacted by Ga. L. 2019, p. 1038, § 1/HB 367. 33-65-8. Failure to file corporate governance annual disclosures; penalty.