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SPONSOR: |
Sen. Bushweller & Rep. B. Short |
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Sens. Ennis, Henry |
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DELAWARE STATE SENATE 147th GENERAL ASSEMBLY |
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SENATE BILL NO. 43 |
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AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO INFORMATION SHARING AMONG STATE AND FEDERAL REGULATORS AND THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS. |
Section 1.Amend Section 316, Title 18, of the Delaware Code by making deletions as shown by strikethrough and insertions as shown by underlining as follows:
§316. Interstate cooperation.
(c)The Commissioner shall maintain, as confidential, any confidential documents or information received from the National Association of Insurance Commissioners, or the International Association of Insurance Supervisors, and such documents and information shall not be subject to subpoena, and shall not be disclosed, made public or distributed by the Commissioner or any other person unless the National Association of Insurance Commissioners or the International Association of Insurance Supervisors, as the case may be, has provided written consent with respect to such disclosure or distribution.In addition, any documents or information received by the Commissioner from state or federal insurance, banking or securities regulators or similar regulators in a foreign country which are confidential in such jurisdictions shall be maintained as confidential by the Commissioner, shall not be subject to subpoena, and shall not be disclosed, made public or distributed by the Commissioner or any other person unless the relevant regulator has provided written consent with respect to such disclosure or distribution.The Commissioner may share any information, including confidential information, with the National Association of Insurance Commissioners, the International Association of Insurance Supervisors, or state or federal insurance, banking or securities regulators or similar regulators in a foreign country so long as the Commissioner determines that such entities agree to maintain the same level of confidentiality in their jurisdiction as is available in this State and are authorized to do so.
Section 2.Amend Section 321(g), Chapter 18, of the Delaware Code by making insertions as shown by underlining as follows:
§321.Examination Report
(g)All working papers, recorded information, documents and copies thereof produced by, obtained by, or disclosed to the Commissioner or any other person in the course of an examination made under this chapter, or in the course of analysis by the Commissioner of the financial condition or market conduct of a company, shall be given confidential treatment and are not subject to subpoena and may not be made public by the Commissioner or any other person except to insurance departments of any state or country, or to law enforcement officials of this or any other state or agency of the federal government at any time, so long as such agency or office receiving the report or matters relating thereto agrees in writing to hold it confidential and in a manner consistent with this section, unless the prior written consent of the company to which it pertains has been obtained.
Section 3.This Act shall take effect immediately upon its enactment.
SYNOPSIS
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This bill permits the sharing of confidential information received by the Insurance Commissioner and the Department of Insurance with other state, federal and international regulators and the National Association of Insurance Commissioners (NAIC) and, with respect to company examinations, clarifies that the Insurance Department's analysis workpapers are confidential and are not subject to disclosure except as set forth in the statute. |
Author: Senator Bushweller