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§ 4-505. Procedure for review of CGAD

West's Annotated Code of MarylandInsuranceEffective: July 1, 2019

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 4. General Requirements for Insurers
Subtitle 5. Corporate Governance Annual Disclosure Act (Refs & Annos)
Effective: July 1, 2019
MD Code, Insurance, § 4-505
§ 4-505. Procedure for review of CGAD
Currentness
Confidentiality
(a) Any documents, materials, or other CGAD-related information, including a CGAD, relating to an insurer and in the possession or control of the Commissioner that is obtained by, created by, or disclosed to the Commissioner or any other person under this subtitle:
(1) is confidential and privileged;
(2) is not subject to the Public Information Act;
(3) is not subject to subpoena; and
(4) is not subject to discovery or admissible in evidence in any private civil action.
Consent of the insurer
(b) Except as otherwise provided by this subtitle, the Commissioner may not make public any documents, materials, or other CGAD-related information relating to an insurer without the prior written consent of the insurer.
Regulatory or legal action
(c) The Commissioner may use any documents, materials, or other CGAD-related information relating to an insurer in the furtherance of any regulatory or legal action brought as a part of the duties of the Commissioner.
Written consent not required
(d) This section may not be construed to require written consent of an insurer before the Commissioner may share or receive confidential documents, materials, or other CGAD-related information that assist in the performance of the regulatory duties of the Commissioner.
Use of material in private civil action prohibited
(e) The Commissioner and any person that received confidential documents, materials, or other CGAD-related information, through examination or otherwise, while acting under the authority of the Commissioner, or with whom the documents, materials, or other CGAD-related information are shared under this subtitle may not be allowed or required to testify in any private civil action concerning the confidential documents, materials, or other CGAD-related information.
Permitted sharing of CGAD information
(f)(1) To assist in the performance of the regulatory duties of the Commissioner, the Commissioner may, on request, share documents, materials, or other CGAD-related information, including confidential and privileged documents, materials, or other CGAD-related information as provided under subsection (a) of this section with:
(i) other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 2-209.1 of this article;
(ii) the NAIC; and
(iii) any third-party consultant the Commissioner designates.
(2) The Commissioner may share documents, materials, or other CGAD-related information under paragraph (1) of this subsection if the recipient of the documents, materials, or other CGAD-related information:
(i) agrees in writing to maintain the confidentiality and privileged status of the documents, materials, or other CGAD-related information; and
(ii) verifies in writing that the recipient has the legal authority to maintain confidentiality and privileged status of the documents, materials, or other CGAD-related information.
Information from other sources
(g)(1) The Commissioner may receive documents, materials, or other CGAD-related information from:
(i) other state, federal, and international financial regulatory agencies, including members of any supervisory college as defined in § 2-209.1 of this article; and
(ii) the NAIC.
(2) The Commissioner shall maintain as confidential and privileged any documents, materials, or other CGAD-related information received under paragraph (1) of this section that the Commissioner receives with notice or the understanding that the documents, materials, or other CGAD-related information are confidential and privileged under the laws of the jurisdiction that is the source of the documents, materials, or other CGAD-related information.
Sharing of information does not constitute a delegation of authority
(h)(1) The sharing of information and documents by the Commissioner under this subtitle may not constitute a delegation of regulatory authority or rulemaking.
(2) The Commissioner is solely responsible for the administration, execution, and enforcement of the provisions of this subtitle.
Waiver
(i) A waiver of any applicable privilege or claim of confidentiality and privileges in any documents, materials, or other CGAD-related information may not occur as a result of:
(1) the disclosure of the documents, materials, or other CGAD-related information to the Commissioner under this section; or
(2) the sharing of the documents, materials, or other CGAD-related information under this subtitle.

Credits

Added by Acts 2019, c. 105, § 1, eff. July 1, 2019.
MD Code, Insurance, § 4-505, MD INSURANCE § 4-505
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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