Proprietary and Confidential Nature of Disclosures; Limitation on Testimony

  1. Law
  2. Georgia Code
  3. Insurance
  4. Corporate Governance Annual Disclosure
  5. Proprietary and Confidential Nature of Disclosures; Limitation on Testimony

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  1. Documents, materials, or other information including the corporate governance annual disclosure, in the possession or control of the department that are obtained by, created by, or disclosed to the Commissioner or any other person under this chapter, are recognized by this state as being proprietary and to contain trade secrets. All such documents, materials, or other information shall be confidential by law and privileged, shall not be subject to Article 4 of Chapter 18 of Title 50, relating to open records, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action. However, the Commissioner is authorized to 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. Nothing in this Code section shall be construed to require written consent of the insurer before the Commissioner may share or receive confidential documents, materials, or other corporate governance annual disclosure related information pursuant to subsection (c) of this Code section to assist in the performance of the Commissioner's regular duties.
  2. Neither the Commissioner nor any person who received documents, materials, or other corporate governance annual disclosure 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 chapter shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to subsection (a) of this Code section.
  3. In order to assist in the performance of the Commissioner's regulatory duties, the Commissioner:
    1. May, upon request, share documents, materials, or other corporate governance annual disclosure related information including the confidential and privileged documents, materials, or information subject to subsection (a) of this Code section, including 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 subsection (c) of Code Section 33-13-7, with the National Association of Insurance Commissioners, and with third-party consultants pursuant to Code Section 33-65-7, provided that the recipient agrees in writing to maintain the confidentiality and privileged status of the corporate governance annual disclosure related documents, material, or other information and has verified in writing the legal authority to maintain confidentiality; and
    2. May receive documents, materials, or other corporate governance annual disclosure related information, including otherwise confidential and privileged documents, materials, or information, including proprietary and trade secret information or documents, from regulatory officials of other states, federal and international financial regulatory agencies, including members of any supervisory college as described in subsection (c) of Code Section 33-13-7, and from the National Association of Insurance Commissioners, and 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 chapter shall not constitute a delegation of regulatory authority or rule-making, and the Commissioner is solely responsible for the administration, execution, and enforcement of the provisions of this chapter.
  5. No waiver of any applicable privilege or claim of confidentiality in the documents, proprietary and trade secret materials, or other corporate governance annual disclosure related information shall occur as a result of disclosure of such corporate governance annual disclosure related information or documents to the Commissioner under this Code section or as a result of sharing as authorized in this chapter.

(Code 1981, §33-65-6, enacted by Ga. L. 2019, p. 1038, § 1/HB 367.)


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