2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521E - RISK=BASED CAPITAL REQUIREMENTS FOR INSURERS
521E.8 - CONFIDENTIALITY -- USE OF REPORTS AND INFORMATION -- PROHIBITION ON ANNOUNCEMENTS -- PROHIBITION ON USE IN RATEMAKING.

        521E.8  CONFIDENTIALITY -- USE OF REPORTS AND
      INFORMATION -- PROHIBITION ON ANNOUNCEMENTS -- PROHIBITION ON USE IN
      RATEMAKING.
         1.  A risk-based capital report, to the extent the information in
      the report is not required to be set forth in a publicly available
      annual statement schedule, or a risk-based capital plan, including
      the results or report of any examination or analysis of an insurer
      performed pursuant to this chapter, and any corrective order issued
      by the commissioner pursuant to an examination or analysis, with
      respect to a domestic insurer or foreign insurer, which are filed
      with the commissioner, are deemed not to be public records under
      chapter 22 and are privileged and confidential.  This information
      shall not be made public and is not subject to subpoena, other than
      by the commissioner, and then only for the purpose of enforcement
      actions taken by the commissioner pursuant to this chapter or any
      other provision of the insurance laws of this state.
         2.  The comparison of an insurer's total adjusted capital to any
      of its risk-based capital levels is a regulatory tool which may
      indicate the need for possible corrective action with respect to the
      insurer, and is not to be used as a means to rank insurers generally.

         3.  Except as otherwise required under this chapter or as required
      of a publicly held company by the United States securities and
      exchange commission or other regulatory agency, the publication or
      dissemination in any manner of an announcement or statement which
      contains an assertion, representation, or statement with regard to
      the risk-based capital levels of an insurer, or of a component
      derived in the calculation, by an insurer, agent, broker, or other
      person engaged in any manner in the business of insurance which would
      be misleading, is prohibited.  However, if a materially false
      statement comparing an insurer's total adjusted capital to its
      risk-based capital levels or a misleading comparison of any other
      amount to the insurer's risk-based capital levels is published or
      disseminated in any manner and if the insurer is able to demonstrate
      to the commissioner with substantial proof that the statement is
      false, misleading, or inappropriate, as the case may be, the insurer
      may publish an announcement in a written publication for the sole
      purpose of rebutting the materially false, misleading, or
      inappropriate statement.
         4.  The risk-based capital instructions, risk-based capital
      reports, adjusted risk-based capital reports, risk-based capital
      plans, and revised risk-based capital plans shall be solely used by
      the commissioner in monitoring the solvency of insurers and the need
      for possible corrective action with respect to insurers.  The
      risk-based capital instructions, risk-based capital reports, adjusted
      risk-based capital reports, risk-based capital plans, and revised
      risk-based capital plans shall not be used by the commissioner for
      ratemaking and shall not be considered or introduced as evidence in
      any rate proceeding or used by the commissioner to calculate or
      derive any elements of an appropriate premium level or rate of return
      for any line of insurance which an insurer or any affiliate is
      authorized to write.
         5.  A violation of this section by an insurer, agent, broker, or
      other person engaged in any manner in the business of insurance
      constitutes an unfair trade practice under chapter 507B.  

         96 Acts, ch 1046, §16
         Referred to in § 521E.3