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<section article="gin" article_name="Insurance" number="5-316" title_number="5" title_name="Assets, Liabilities, Reserves, and Investments of Insurers" subtitle_number="3" subtitle_name="Standard Valuation Law">
  <level label="a">
    <text>In this section, “confidential information” means:</text>
    <level label="1">
      <text>a memorandum in support of an opinion submitted under § 5–201.1 of this title and any documents, materials, and other information, including all working papers and copies of all working papers, created, produced, or obtained by or disclosed to the Commissioner or any other person in connection with the memorandum;</text>
    </level>
    <level label="2">
      <text>any documents, materials, and other information, including all working papers and copies of all working papers, created, produced, or obtained by or disclosed to the Commissioner or any other person in the course of an examination made under § 5–313(f) of this subtitle;</text>
    </level>
    <level label="3">
      <level label="i">
        <text>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 § 5–314(b)(1)(ii) of this subtitle evaluating the effectiveness of the company’s internal controls with respect to a principle–based valuation; and</text>
      </level>
      <level label="ii">
        <text>any documents, materials, and other information, including all working papers and copies of all working papers, created, produced, or obtained by or disclosed to the Commissioner or any other person in connection with the reports, documents, materials, and information specified in item (i) of this item;</text>
      </level>
    </level>
    <level label="4">
      <text>a principle–based valuation report developed under § 5–314(b)(1)(iii) of this subtitle and any documents, materials, and other information, including all working papers and copies of all working papers, created, produced, or obtained by or disclosed to the Commissioner or any other person in connection with the principle–based valuation report; and</text>
    </level>
    <level label="5">
      <level label="i">
        <text>any documents, materials, data, and other information submitted to the Commissioner or any other person by a company under § 5–315 of this subtitle;</text>
      </level>
      <level label="ii">
        <text>any documents, materials, data, and other information, including all working papers and copies of all working papers, created or produced in connection with the documents, materials, data, and information specified in item (i) of this item that include any potentially company–identifying or personally identifiable information, that is provided to or obtained by the Commissioner or any other person; and</text>
      </level>
      <level label="iii">
        <text>any documents, materials, data, and other information, including all working papers and copies of all working papers, created, produced, or obtained by or disclosed to the Commissioner or any other person in connection with the documents, materials, data, and other information specified in items (i) and (ii) of this item.</text>
      </level>
    </level>
  </level>
  <level label="b">
    <text>Except as otherwise provided in this section, a company’s confidential information:</text>
    <level label="1">
      <text>is confidential and privileged;</text>
    </level>
    <level label="2">
      <text>is not subject to Title 4 of the General Provisions Article; and</text>
    </level>
    <level label="3">
      <text>is not subject to subpoena or discovery or admissible in evidence in any private civil action.</text>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>The Commissioner, and any person who receives confidential information while acting under the authority of the Commissioner, may not testify or be required to testify in any private civil action concerning any confidential information.</text>
    </level>
    <level label="2">
      <text>The Commissioner may use confidential information of a company in any regulatory or legal action brought against the company as a part of the Commissioner’s official duties.</text>
    </level>
  </level>
  <level label="d">
    <text>If an examination report or material prepared in connection with an examination made under Title 2, Subtitle 2 of this article is not private and confidential information under Title 2, Subtitle 2 of this article, an examination report or other material prepared in connection with an examination made under § 5–313(f) of this subtitle is not “confidential information” to the same extent as if the examination report or other material had been prepared under Title 2, Subtitle 2 of this article.</text>
  </level>
  <level label="e">
    <level label="1">
      <text>Subject to paragraph (2) of this subsection, to assist in the performance of the Commissioner’s duties, the Commissioner may share confidential information specified in:</text>
      <level label="i">
        <text>subsection (a)(1) through (5) of this section with:</text>
        <level label="1">
          <text>any state, federal, or international regulatory agency and the employees, agents, consultants, and contractors of any state, federal, or international regulatory agency; and</text>
        </level>
        <level label="2">
          <text>NAIC and the employees, agents, consultants, contractors, affiliates, and subsidiaries of NAIC; and</text>
        </level>
      </level>
      <level label="ii">
        <text>subsection (a)(1) and (4) of this section with:</text>
        <level label="1">
          <text>the Actuarial Board for Counseling and Discipline on a request from the Actuarial Board stating that the confidential information is required for the purpose of professional disciplinary proceedings; and</text>
        </level>
        <level label="2">
          <text>any state, federal, or international law enforcement official and the employees, agents, consultants, and contractors of any state, federal, or international law enforcement official.</text>
        </level>
      </level>
    </level>
    <level label="2">
      <text>Confidential information may be shared by the Commissioner under paragraph (1) of this subsection only if the recipient of the confidential information agrees, and has the legal authority to agree, to maintain the confidentiality and privileged status of any confidential information received in the same manner and to the same extent as required for the Commissioner.</text>
    </level>
  </level>
  <level label="f">
    <level label="1">
      <text>The Commissioner may receive documents, materials, data, and other information, including otherwise confidential or privileged documents, materials, data, and information, from:</text>
      <level label="i">
        <text>NAIC and the employees, agents, consultants, contractors, affiliates, and subsidiaries of NAIC;</text>
      </level>
      <level label="ii">
        <text>any state, federal, or international regulatory agency or law enforcement official and the employees, agents, consultants, and contractors of the regulatory agency or law enforcement official; and</text>
      </level>
      <level label="iii">
        <text>the Actuarial Board for Counseling and Discipline.</text>
      </level>
    </level>
    <level label="2">
      <text>The Commissioner shall maintain as confidential and privileged any document, material, 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, data, or other information.</text>
    </level>
  </level>
  <level label="g">
    <text>The Commissioner may enter into agreements governing the sharing and use of confidential information consistent with this section.</text>
  </level>
  <level label="h">
    <level label="1">
      <text>Any applicable privilege or claim of confidentiality in confidential information is not waived as a result of:</text>
      <level label="i">
        <text>the disclosure of the confidential information to the Commissioner under this section; or</text>
      </level>
      <level label="ii">
        <text>the sharing of the confidential information as authorized under subsection (e) of this section.</text>
      </level>
    </level>
    <level label="2">
      <text>A privilege established under the law of another state that is substantially similar to the privilege established under this section shall be available and enforced in any proceeding in, and in any court of, the State.</text>
    </level>
  </level>
  <level label="i">
    <text>Any confidential information specified in subsection (a)(1) and (4) of this section:</text>
    <level label="1">
      <text>is subject to subpoena for defending in an action that:</text>
      <level label="i">
        <text>seeks damages from the appointed actuary submitting the related memorandum in support of an opinion submitted under § 5–201.1 of this title or a principle–based valuation report developed under § 5–314(b)(1)(iii) of this subtitle; and</text>
      </level>
      <level label="ii">
        <text>is based on an action required by this subtitle or regulations adopted under this subtitle; and</text>
      </level>
    </level>
    <level label="2">
      <text>may be released by the Commissioner with the written consent of the company.</text>
    </level>
  </level>
  <level label="j">
    <text>All parts of a memorandum in support of an opinion submitted under § 5–201.1 of this title or a principle–based valuation report developed under § 5–314(b)(1)(iii) of this subtitle are no longer confidential information if any part of the memorandum or report is:</text>
    <level label="1">
      <text>cited by the company in its marketing;</text>
    </level>
    <level label="2">
      <text>publicly volunteered to or before a governmental unit other than a state insurance department; or</text>
    </level>
    <level label="3">
      <text>released by the company to the news media.</text>
    </level>
  </level>
</section>
