38.2-221.2 - Treatment of confidential information pursuant to federal law. - Virginia Statutes

§ 38.2-221.2. Treatment of confidential information pursuant to federal law.

A. Any information denominated in writing as confidential by a federalregulator and received by the Commission pursuant to the Gramm-Leach-BlileyAct of 1999 (Public Law §§ 106-102) (hereafter, the federal act) shall beexcluded from, and the Commission shall not be subject to, subpoena or publicinspection with respect to such information.

B. Pursuant to the federal act, and notwithstanding any other provision oflaw, the Commission may provide to a federal regulator any examination orother report, record or information to which the Commission has access withrespect to any person who is engaged in the business of insurance in thisCommonwealth and is an affiliate or agent of a depository institution orfinancial holding company, as those terms are defined in the federal act,provided that the federal regulator has the legal authority, and shall agreein writing, as a condition precedent to its receipt of such information, tomaintain such information in confidence as provided in the federal act and totake all reasonable steps to oppose any effort to secure disclosure of suchinformation.

C. The provision by the Commission pursuant to this section, or the provisionby a federal regulator pursuant to the federal act, of such information shallnot constitute, operate as a waiver of, or otherwise affect any existingprivilege or any claim of confidentiality to which the information isotherwise subject.

D. Nothing contained herein shall prohibit the Commission from (i) using suchconfidential 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 aggregatedfindings, provided that such reports, decisions, orders, findings, opinionsor judgments shall not disclose any such confidential information.

E. For purposes of this section, "federal regulator" means the Board ofGovernors of the Federal Reserve System, the Office of the Comptroller of theCurrency, the Office of Thrift Supervision, or the Federal Deposit InsuranceCorporation.

(2001, c. 519.)