Connecticut Administrative Code › Title 38a - Insurance Department › 72 - Risk Based Capital For Insurers › Section 38a-72-8 - Confidentiality and prohibition on announcements

Current through July 10, 2024
(a) All RBC
			 Reports (to the extent the information therein is not required to be set forth
			 in a publicly available annual statement schedule) and RBC Plans (including the
			 results or report of any examination or analysis of an insurer performed
			 pursuant hereto and any Corrective Order issued by the commissioner pursuant to
			 examination or analysis) with respect to any domestic insurer or foreign
			 insurer which are filed with the commissioner constitute information that might
			 be damaging to the insurer if made available to its competitors, and therefore
			 shall be kept confidential by the commissioner, pursuant to the authority of
			 sections
			 38a-14,
			 38a-69a,
			 38a-913
			 and
			 38a-962c
			 of the General Statutes. This information shall not be made public and/or be
			 subject to subpoena, other than by the commissioner and then only for the
			 purpose of enforcement actions taken by the commissioner pursuant to the
			 provisions of sections
			 38a-72-1 to
			 38a-72-13,
			 inclusive, or any other provision of the insurance laws or regulations of this
			 state.
(b) The comparison of an
			 insurer's Total Adjusted Capital to any of its RBC levels is a regulatory tool
			 which may indicate the need for possible corrective action with respect to the
			 insurer, and is not intended as a means to rank insurers generally. Therefore,
			 except as otherwise required under the provisions of sections
			 38a-72-1 to
			 38a-72-13,
			 inclusive, the making, publishing, disseminating, circulating or placing before
			 the public, in a newspaper, magazine or other publication, or in the form of a
			 notice, circular, pamphlet, letter or poster, or over any radio or television
			 station, or in any other way, an advertisement, announcement or statement
			 containing an assertion, representation or statement with regard to the RBC
			 Levels of any insurer, or of any component derived in the calculation, by any
			 insurer, agent, broker or other person engaged in any manner in the insurance
			 business would be misleading and is therefore prohibited; provided, however,
			 that if any materially false statement with respect to the comparison regarding
			 an insurer's Total Adjusted Capital to its RBC Levels (or any of them) or an
			 inappropriate comparison of any other amount to the insurers' RBC Levels is
			 published in any written publication and the insurer is able to demonstrate to
			 the commissioner with substantial proof the falsity of such statement, or the
			 inappropriateness, as the case may be, then the insurer may publish an
			 announcement in a written publication if the sole purpose of the announcement
			 is to rebut the materially false statement.
(c) The RBC Instructions, RBC Reports,
			 Adjusted RBC Reports, RBC Plans and Revised RBC Plans are intended solely for
			 use by the commissioner in monitoring the solvency of insurers and the need for
			 possible corrective action with respect to insurers and shall not be used by
			 the commissioner for ratemaking nor considered or introduced as evidence in any
			 rate proceeding nor used by the commissioner to calculate or derive any
			 elements of an appropriate premium level or rate for any line of insurer which
			 an insurer or any affiliate is authorized to write.