New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 2 - INSURANCE COMPANY LICENSING AND OPERATION › Part 11 - RISK MANAGEMENT AND OWN RISK AND SOLVENCY ASSESSMENT › Section 13.2.11.13 - CONFIDENTIALITY

Current through Register Vol. 35, No. 13, July 16, 2024
A. Documents,
				materials or other information, including the summary report, in the possession
				or control of the office of superintendent of insurance that are obtained by,
				created by or disclosed to the superintendent or any other person pursuant to
				this rule contain confidential and sensitive information related to an insurer
				or insurance group's identification of risks material and relevant to the
				insurer or insurance group filing the report. This information includes
				proprietary and trade secret information that has the potential for harm and
				competitive disadvantage to the insurer or insurance group if the information
				is made public. Any such documents, materials or other information, including
				the summary report, shall be treated as confidential trade secrets under the
				Uniform Trade Secrets Act, and as authorized by Subsection B of Section
				59A-2-12
				NMSA 1978, are deemed confidential by the superintendent as specifically
				defined by Subsection D of Section
				57-3A-2
				NMSA 1978.
B. The documents,
				materials or other information, including the summary report, submitted
				pursuant to this rule, shall remain confidential as long as the documents,
				materials or other information, including the summary report are in the
				possession or control of the superintendent. The superintendent may use the
				documents, materials or other information in the furtherance of any regulatory
				or legal action brought as a part of the superintendent's official duties. The
				superintendent may not otherwise make the documents, materials or other
				information public without prior written notice to the insurer.
C. In order to assist in the performance of
				the superintendent's regulatory duties, the superintendent:
(1) may, upon request, share documents,
				materials or other information related to an own risk and solvency assessment,
				including the confidential documents, materials or information subject to
				Subsection A of this section and including proprietary and trade-secret
				documents and materials, with other state, federal and international financial
				regulatory agencies, with the NAIC, and with any third-party consultants
				designated by the superintendent; provided that the recipient agrees in writing
				to maintain the confidential status of the documents, materials or other
				information related to an own risk and solvency assessment and has verified in
				writing the legal authority to maintain confidentiality;
(2) may receive documents, materials or other
				information related to an own risk and solvency assessment, including
				confidential documents, materials or information and including proprietary and
				trade-secret information or documents, from regulatory officials of other
				foreign or domestic jurisdictions and from the national association of
				insurance commissioners, and shall maintain as confidential any documents,
				materials or information received with notice or the understanding that it is
				confidential under the laws of the jurisdiction that is the source of the
				document, material or information; and
(3) shall enter into a written agreement with
				the NAIC or a third-party consultant governing sharing and use of information
				provided pursuant to this rule consistent with this subsection that shall:
(a) specify procedures and protocols
				regarding the confidentiality and security of information shared with the
				national association of insurance commissioners or a third-party consultant
				pursuant to this rule, including procedures and protocols for sharing by the
				NAIC with other state regulators from states in which the insurance group has
				domiciled insurers. The agreement shall provide that the recipient agrees in
				writing to maintain the confidential status of the documents, materials or
				other information related to an own risk and solvency assessment and has
				verified in writing the legal authority to maintain confidentiality;
(b) specify that ownership of information
				shared with the NAIC or a third-party consultant pursuant to this rule remains
				with the insurer and that the NAIC's or a third-party consultant's use of the
				information is subject to the direction of the superintendent;
(c) prohibit the NAIC or third-party
				consultant from storing the information shared pursuant to this rule in a
				permanent database after the underlying analysis is completed;
(d) require prompt notice to be given to an
				insurer whose confidential information in the possession of the NAIC or a
				third-party consultant pursuant to this rule when subject to a request or
				subpoena;
(e) require the NAIC or a
				third-party consultant to consent to intervention by an insurer in any judicial
				or administrative action in which the NAIC or a third-party consultant may be
				required to disclose confidential information about the insurer that has been
				shared with the NAIC or a third-party consultant pursuant to this rule;
				and
(f) in the case of an agreement
				involving a third-party consultant, provide for the insurer's written
				consent.