38.2-221.1 - Confidentiality of information. - Virginia Statutes

§ 38.2-221.1. Confidentiality of information.

Whenever, during the course of a market conduct examination pursuant toArticle 4 (§ 38.2-1317 et seq.) of Chapter 13 or inspection request orinquiry pursuant to § 38.2-200, the Commission requests an insurer to furnishinformation which the insurer considers confidential proprietary information,such confidential proprietary information shall be submitted to theCommission but shall be excluded from, and the Commission shall not besubject to, subpoena or public inspection with respect to such information ifthe insurer (i) invokes such exclusion, in writing, upon submission of thedata or other materials for which protection from disclosure is sought; (ii)identifies the data or other materials for which protection is sought; and(iii) states the reason why protection is necessary. Nothing contained hereinshall prohibit the Commission from (i) using such confidential proprietaryinformation in furtherance of any regulatory or legal action; (ii) publishingany decisions, orders, findings, opinions, or judgments; or (iii) publishingany final market conduct report or any other report containing aggregatedfindings, provided that such report, decisions, orders, findings, opinions,or judgments shall not disclose such confidential proprietary informationunless the Commission has found, after the insurer has been provided noticeand opportunity to be heard, that such information is not confidentialproprietary information. No waiver of an existing privilege or claim ofconfidentiality shall occur as a result of disclosure to the Commission underthis section.

(2000, c. 527.)