Download as PDF
304.6-132 Treatment of confidential information.
(1)
For purposes of this section:
(a) "Confidential information" means:
1.
A memorandum in support of an opinion, submitted pursuant to KRS
304.6-171, and any other documents, materials, and other information,
including but not limited to all working papers and copies created,
produced, obtained by, or disclosed to the commissioner or any other
person in connection with the memorandum;
2.
All documents, materials, and other information, including but not
limited to all working papers and copies created, produced, obtained by,
or disclosed to the commissioner or any other person in the course of an
examination made under KRS 304.6-143(6); except that if an
examination report or other material prepared in connection with an
examination made under KRS 304.2-250 is not held as private and
confidential, an examination report or other material prepared in
connection with an examination under KRS 304.6-143(6) shall not be
confidential information to the same extent as if the examination report
or other material had been prepared under KRS 304.2-250;
3.
Any reports, documents, materials, and other information developed by
a company in support of, or in connection with an annual certification by
the company under KRS 304.6-151(2)(b) evaluating the effectiveness of
the company's internal controls with respect to a principle-based
valuation and any other documents, materials, and other information,
including but not limited to all working papers and copies created,
produced, obtained by, or disclosed to the commissioner or any other
person in connection with reports, documents, materials, and other
information;
4.
Any principle-based valuation report developed under KRS 304.6151(2)(c) and any other documents, materials, and other information,
including but not limited to all working papers and copies created,
produced, obtained by, or disclosed to the commissioner or any other
person in connection with the report; and
5.
Any documents, materials, data and other information submitted by a
company under KRS 304.6-133, collectively referred to as experience
data, and any other documents, materials, data, and other information,
including but not limited to all working papers and copies created or
produced in connection with the experience data, in each case that
includes any potential company-identifying or personal identifiable
information that is provided to or obtained by the commissioner, with
any experience data referred to as the experience materials, and any
other documents, materials, data, and other information, including but
not limited to all working papers and copies created, produced, obtained
by, or disclosed to the commissioner or any other person in connection
with the experience materials; and
(b)
(2)
(a)
(b)
(c)
(d)
(e)
(f)
"Regulatory agency," "law enforcement agency," and "NAIC" include, but are
not limited to their employees, agents, or consultants.
Except as provided in this section, a company's confidential information:
1.
Shall be confidential by law and privileged; and
2.
Shall not be subject to:
a.
The Kentucky Open Records Act, KRS 61.872 to 61.884;
b.
Subpoena;
c.
Discovery; or
d.
Admission in evidence in any private civil action, except that the
commissioner is authorized to use the confidential information in
the furtherance of any regulatory or legal action brought against
the company as part of the commissioner's official duties.
Neither the commissioner nor any person who received confidential
information, while acting under the authority of the commissioner, shall be
permitted or required to testify in any private civil action concerning any
confidential information.
In order to assist in the performance of the commissioner's duties, the
commissioner may share confidential information if the recipient agrees, and
has the legal authority to agree, to maintain the confidentiality and privileged
status of the documents, materials, data, and other information in the same
manner and to the same extent as required for the commissioner with:
1.
Other state, federal, and international regulatory agencies and with the
NAIC and its affiliates and subsidiaries; and
2.
In the case of confidential information, defined in subsection (1)(a)1.
and 4. of this section, the Actuarial Board for Counseling and Discipline
or its successor upon request stating that the confidential information is
required for the purpose of professional disciplinary proceedings and
with state, federal, and international law enforcement officials.
The commissioner may receive documents, materials, data, and other
information, including otherwise confidential and privileged documents,
materials, data, and other information from the NAIC and its affiliates and
subsidiaries, from regulatory or law enforcement officials of other foreign or
domestic jurisdictions, and from the Actuarial Board for Counseling and
Discipline, or its successor, and shall maintain as confidential or privileged
any documents, materials, data, or other 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 other information.
The commissioner may enter into agreements governing sharing and use of
information consistent with this subsection.
No waiver of any applicable privilege or claim of confidentiality of
confidential information shall occur as a result of disclosure to the
commissioner under this section, or as a result of sharing the information as
(g)
(3)
(a)
(b)
authorized by paragraph (c) of this subsection.
A privilege established under the law of any state or jurisdiction that is
substantially similar to the privilege established under this subsection shall be
available and enforced in any proceeding and in any court of this state.
Notwithstanding subsection (2) of this section, any confidential information
specified in subsection (1)(a)1. and 4. of this section:
1.
May be subject to subpoena for the purpose of defending an action
seeking damages from the appointed actuary submitting the related
memorandum in support of an opinion submitted under KRS 304.6-171,
or the principle-based valuation report developed under KRS 304.6151(2)(c), by reason of an action required by KRS 304.6-130 to 304.6180, or by administrative regulation.
2.
May otherwise be released by the commissioner with the written consent
of the company; and
All portions of a memorandum or report shall no longer be confidential if any
portion of a memorandum in support of an opinion, submitted under KRS
304.6-171, or a principle-based valuation report, developed under KRS 304.6151(2)(c), is cited by the company in its marketing, is publicly volunteered to
or before a governmental agency, other than a state insurance department, or is
released by the company to the news media.
Effective: June 24, 2015
History: Created 2015 Ky. Acts ch. 57, sec. 8, effective June 24, 2015.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.