2024 Colorado Revised Statutes
Title 10 - INSURANCE (§§ 10-1-101 — 10-23-110)
REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3.5-111)
Article 3 - REGULATION OF INSURANCE COMPANIES (§§ 10-3-101 — 10-3-1716)
Part 16 - CORPORATE GOVERNANCE ANNUAL DISCLOSURES (§§ 10-3-1601 — 10-3-1608)
Section 10-3-1605 - Confidentiality

• (1) Documents, materials, and other information, including a CGAD, in the possession or control of the division that are obtained by, created by, or disclosed to the commissioner or any other person under this part 16 are recognized by this state as being proprietary and to contain trade secrets. All such documents, materials, and other information are confidential by law and privileged, not subject to the "Colorado Open Records Act", part 2 of article 72 of title 24; not subject to subpoena; and not subject to discovery or admissible as evidence in any private civil action. However, the commissioner may use the documents, materials, or other information in the furtherance of any regulatory or legal action brought as a part of the commissioner's official duties. The commissioner shall not otherwise make the documents, materials, or other information public without the prior written consent of the insurer or insurance group. Nothing in this section may be construed to require the written consent of an insurer or insurance group before the commissioner may share or receive confidential documents, materials, or other CGAD-related information pursuant to subsection (3) of this section.

• (2) Neither the commissioner nor any person who received documents, materials, or other CGAD-related information through examination or otherwise while acting under the authority of the commissioner, or with whom such documents, materials, or other information are shared pursuant to this part 16, may be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to subsection (1) of this section.

• (3) In order to perform the commissioner's regulatory duties, the commissioner:
  • (a) May, upon request and subject to subsection (1) of this section, share documents, materials, and other CGAD-related information, including confidential and privileged documents, materials, and information and proprietary and trade secret documents and materials, with other state, federal, and international financial regulatory agencies, including members of any supervisory college, as described in section 10-3-807; the NAIC; and third-party consultants pursuant to section 10-3-1606 so long as the recipient agrees in writing to maintain the confidentiality and privileged status of the CGAD-related documents, materials, or other information and has verified in writing the legal authority to maintain confidentiality;
  • (b) May receive documents, materials, and other CGAD-related information, including confidential and privileged documents, materials, and information and proprietary and trade secret documents and materials, from regulatory officials of state, federal, and international financial regulatory agencies, including members of any supervisory college as described in section 10-3-807 and the NAIC; and
  • (c) Shall maintain as confidential or privileged any documents, materials, or 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 information.

• (4) The sharing of information and documents by the commissioner pursuant to this part 16 does not constitute a delegation of regulatory authority or rule-making, and the commissioner is solely responsible for the administration, execution, and enforcement of this part 16.

• (5) No waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade secret materials, or other CGAD-related information occurs as a result of disclosure of the documents, materials, or information to the commissioner under this section or as a result of sharing as authorized in this part 16.

Added by 2019 Ch. 188, § 1, eff. 8/2/2019.

L. 2019: Entire part added, (HB 19-1291), ch. 2087, p. 2087, § 1, effective August 2.