2023 Louisiana Laws › Revised Statutes › Title 22 - Insurance › §22:572.2. Louisiana Property and Casualty Guaranty Fund Data Transfer Plan

RS 22:572.2 - Louisiana Property and Casualty Guaranty Fund Data Transfer Plan
A. Each insurer that is subject to the Louisiana Insurance Guaranty Association Law shall prepare, implement, and maintain a data transfer plan. Upon the occurrence of a company-action level event, as defined in R.S. 22:613, the insurer shall file the data transfer plan with the commissioner.
B.(1) The data transfer plan required by Subsection A of this Section shall outline specific procedures, actions, and safeguards that at minimum include all of the following:
(a) The manner, methods, and formats in which the insurer maintains and preserves its claims and underwriting records.
(b) The process by which the insurer will transfer all of its claims and underwriting records to the Louisiana Insurance Guaranty Association if an order of rehabilitation or liquidation is issued pursuant to R.S. 22:2008.
(c) Any other information deemed necessary by the commissioner.
(2) If the insurer utilizes a third-party vendor to maintain and preserve its claims and underwriting records, the insurer shall include in its data transfer plan the process by which the third-party vendor will provide the insurer's claims and underwriting records without delay to the Louisiana Insurance Guaranty Association if an order of rehabilitation or liquidation is issued pursuant to R.S. 22:2008.
C. The commissioner shall review each data transfer plan submitted pursuant to Subsection A of this Section to determine compliance with the requirements of this Section and consult with the Louisiana Insurance Guaranty Association to confirm that the data transfer plan will integrate with the Louisiana Insurance Guaranty Association's manner and means of maintaining records received from insurers that are subject to orders of rehabilitation or liquidation.
D. The commissioner may do all of the following:
(1) Investigate and examine the records and operations of insurers to determine if each insurer has implemented and complied with the data transfer plan requirements of this Section.
(2) Direct an insurer to test the processes set forth in its data transfer plan to ensure that the data can be effectively transferred.
(3) Direct an insurer to modify its data transfer plan to comply with the requirements of this Section.
(4) Require an insurer to prefund the services required to initiate a data transfer.
(5) Require an insurer to take action to remedy substantial noncompliance with the requirements of this Section regarding data transfer plans.
(6) Waive compliance with the requirements of this Section upon an insurer's written request that establishes that the issues giving rise to a company-action level event will be resolved and with the concurrence of the Louisiana Insurance Guaranty Association.
E. An insurer that remains in a company-action level event, as defined in R.S. 22:613, shall update and file its data transfer plan with the commissioner at intervals the commissioner deems appropriate.
F.(1) Data transfer plans and information produced to the commissioner pursuant to data transfer plans shall not be public records or subject to inspection, examination, copying, or reproduction pursuant to the Public Records Law.
(2) Each data transfer plan is a proprietary and confidential business record and shall not be subject to production, including subpoena. The data transfer plan and any information produced to the commissioner pursuant to a data transfer plan is subject to the provisions of R.S. 22:1983(J).
(3) The commissioner shall provide the data transfer plan and any information used to test the processes in the plan to the Louisiana Insurance Guaranty Association or any other guaranty association if, prior to the guaranty association receiving the information, the commissioner and the guaranty association agree in writing to hold that information with the same confidential treatment required of the commissioner by R.S. 22:1983(J), unless the insurer grants prior written consent to share the information with a guaranty association.
Acts 2023, No. 124, §1, eff. June 6, 2023.