(a) For purposes of this section, “Confidential Information” means:
(1) A memorandum in support of an opinion submitted under section 535 and any other documents, materials and other information, including, but not limited to, all working papers, and copies thereof, created, produced or obtained by or disclosed to the Commissioner or any other person in connection with the memorandum;
(2) All documents, materials and other information, including, all working papers, and copies, created, produced or obtained by or disclosed to the Commissioner or any other person in the course of an examination made under section 546(f); but if an examination report or other material prepared in connection with an examination made under chapter 5 of this title is not held as private and confidential information under chapter 5 of this title, an examination report or other material prepared in connection with an examination made under section 546(f) is not Confidential Information if the examination report or other material had been prepared under chapter 5 of this title;
(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 section 547(b)(2), 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 thereof, created, produced or obtained by or disclosed to the Commissioner or any other person in connection with such reports, documents, materials and other information;
(4) Any principle-based valuation report developed under section 547(b)(3) and any other documents, materials and other information, including, but not limited to, all working papers, and copies thereof, created, produced or obtained by or disclosed to the Commissioner or any other person in connection with such report; and
(5) Any documents, materials, data and other information submitted by a company under section 548, collectively, “experience data”; and any other documents; material; data and other information; including, all working papers; and copies of working papers, created or produced in connection with such experience data, in each case that includes any potentially company-identifying or personally identifiable information, that is provided to or obtained by the Commissioner together with any experience data, and any other documents, materials, data and other information, including, all working papers, and copies of working papers, created, produced or obtained by or disclosed to the Commissioner or any other person in connection with such experience materials.
(b)
(1) As provided in this section, a company’s Confidential Information in the possession or control of the Division of Banking, Insurance and Financial Regulation or the Commissioner is confidential and privileged, and is not subject to examination by the public, subject to subpoena, to discovery, or admissible in evidence in any private civil action; but the Commissioner may use the Confidential Information in the furtherance of any regulatory or legal action brought against the company by the Commissioner.
(2) Neither the Commissioner nor any person who receives Confidential Information while acting under the authority of the Commissioner is permitted or required to testify in any private civil action concerning any Confidential Information.
(3) The Commissioner may share Confidential Information with state, federal and international regulatory agencies and with the NAIC and its affiliates and subsidiaries. The Commissioner may share Confidential Information specified in subsection (a)(1) and (4) with the Actuarial Board for Counseling and Discipline or its successor, or the American Academy of Actuaries or its successor upon request stating that the Confidential Information is required for the purpose of professional disciplinary proceedings, and with state, territorial, federal and international law enforcement officials; but the recipient shall agree to maintain the confidentiality and privileged status of such documents, materials, data and other information in the same manner and to the same extent as required for the Commissioner.
(4) The Commissioner may receive 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 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 or other information.
(5) The Commissioner may enter into agreements governing sharing and use of information consistent with this section.
(6) No waiver of any applicable privilege or claim of confidentiality in the Confidential Information occurs as a result of disclosure to the Commissioner under this section or as a result of sharing as authorized in paragraph (3).
(7) A privilege established under the law of any state or jurisdiction which is substantially similar to the privilege established under this section is available and enforceable in any proceeding in, and in any court of this Territory.
(8) In this section, “regulatory agency,” “law enforcement agency” and the “NAIC” include their employees, agents, consultants and contractors.
(c) Notwithstanding subsection (b), any Confidential Information specified in subsection (a)(1) and (4):
(1) May be subject to subpoena for the purpose of defending a proceeding brought pursuant to this subchapter seeking damages from the appointed actuary who submitted a memorandum in support of an opinion required under section 535 or a principle-based valuation report provided under section 547(b)(3) by reason of an action required by this subchapter or by regulations promulgated hereunder;
(2) May otherwise be released by the Commissioner with the written consent of the company; and
(3) Once any portion of a memorandum in support of an opinion submitted under section 535 or a principle-based valuation report developed under section 547(b)(3) is cited by the company in its marketing or 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, all portions of such memorandum or report are no longer confidential.