38.2-1317.2 - Market analyses confidential. - Virginia Statutes

§ 38.2-1317.2. Market analyses confidential.

A. All market analyses concerning companies or insurance transactions thatare obtained by the Commission from the NAIC, including information generatedby any NAIC databases developed for use by regulators, and all marketanalyses generated by the Commission based on documents or informationsubmitted to the Commission by a company or person, including its officers,directors, and agents, shall receive confidential treatment by theCommission, shall not be subject to subpoena, and are not public records. Allworking papers, recorded information, documents and copies thereof producedby, obtained by, or disclosed to the Commission or any other person in thecourse of a market analysis or market conduct action shall receiveconfidential treatment by the Commission, shall not be subject to subpoena,and are not public records. Any such disclosure to the Commission shall notconstitute a waiver of confidentiality of any such documents or information.

B. Notwithstanding other provisions to the contrary, nothing shall prevent orbe construed as prohibiting the Commission from disclosing otherwiseconfidential information, administrative or judicial orders, or the contentof any analysis or any matter related thereto, at any time to (i) aregulatory official of any state or country; (ii) the NAIC, its affiliate orits subsidiary; or (iii) a law-enforcement authority of any state or country,provided that those officials are required under their law to maintain itsconfidentiality. Any such disclosure by the Commission shall not constitute awaiver of confidentiality of any such documents or information.

C. Documents or information received in the course of a market analysis ormarket conduct action from the NAIC, a law-enforcement official of any stateor country, or regulatory officials of any state or country that areconfidential in those jurisdictions shall receive confidential treatment bythe Commission, shall not be subject to subpoena, and are not public records.

D. Nothing in this section shall prohibit the Commission from releasing areport containing aggregated findings.

(2008, c. 249.)