40 P.S. § 991.1407 Confidential Treatment

• Library: Pennsylvania Statutes
• Edition: 2023
• Currency: Current through P.A. Acts 2023-27
• Year: 2023
• Citation: 40 P.S. § 991.1407

(a) All information, documents, materials and copies thereof in the possession or control of the department that are produced by, obtained by or disclosed to the department or any other person in the course of an examination or investigation made pursuant to section 1406 or investigation made pursuant to section 1406.1 or 1406.2 and all information reported pursuant to sections 1402(b)(11.1) and (11.2), 1404 and 1405 are recognized as being proprietary and constituting intellectual property, and shall be privileged and given confidential treatment and shall not be:

(1) Subject to discovery or admissible in evidence in a private civil action.

(2) Subject to subpoena.

(3) Subject to the act of February 14, 2008 ( P.L. 6, No.3), known as the "Right-to-Know Law."

(4) Made public by the department or any other person, except to regulatory or law enforcement officials of other jurisdictions or group supervisors or members of a supervisory college in accordance with subsection (c), without the prior written consent of the insurer to which it pertains unless the department, after giving the insurer and its affiliates who would be affected thereby notice and opportunity to be heard, determines that the interest of policyholders, shareholders or the public will be served by the publication thereof, in which event it may publish all or any part thereof in such manner as it may deem appropriate.

(a.1) For purposes of the information reported and provided to the department under section 1404(k.1)(2), the commissioner shall maintain the confidentiality of the group capital calculation report and supporting disclosures and any group capital information received from an insurance holding company system supervised by the Federal Reserve Board or any United States group-wide supervisor.

(a.2) For purposes of the information reported and provided to the department under section 1404(k.1)(6), the commissioner shall maintain the confidentiality of the liquidity stress test results and supporting disclosures and any liquidity stress test information received from an insurance holding company system supervised by the Federal Reserve Board and and a group-wide supervisor located outside the United States.

(b) The commissioner, department or any individual or person who receives documents, materials or other information while acting under the authority of the commissioner or department or with whom such documents, materials or other information are shared under this article shall not be permitted or required to testify in any private civil action concerning any confidential documents, materials or information covered under this section.