New Mexico Administrative Code › Title 13 - INSURANCE › Chapter 2 - INSURANCE COMPANY LICENSING AND OPERATION › Part 10 - CORPORATE GOVERNANCE ANNUAL DISCLOSURE › Section 13.2.10.11 - NATIONAL ASSOCIATION OF INSURANCE COMMISIONERS AND THIRD-PARTY CONSULTANTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				superintendent may retain, at the insurer's or insurance group's expense,
				third-party consultants, including attorneys, actuaries, accountants and other
				experts not otherwise a part of the superintendent's staff as may be reasonably
				necessary to assist the superintendent in reviewing the CGAD and related
				information or the insurer's or insurance group's compliance with this
				rule.
B. Any persons retained
				pursuant to Subsection A shall be under the direction and control of the
				superintendent.
C. The NAIC and
				third-party consultants shall be subject to the same confidentiality standards
				and requirements as the superintendent.
D. As part of the retention process, a
				third-party consultant shall verify to the superintendent that it is free of a
				conflict of interest and that it has internal procedures in place to comply
				with the confidentiality standards and requirements of this rule.
E. A written agreement with the NAIC or a
				third-party consultant governing sharing and use of information provided
				pursuant to this rule shall contain the following provisions:
(1) Specific procedures and protocols for
				maintaining the confidentiality and security of CGAD-related information shared
				with the NAIC or a third-party consultant pursuant to this rule.
(2) Procedures and protocols for sharing by
				the NAIC only 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 confidentiality and privileged status of the
				CGAD-related documents, materials or other information and has verified in
				writing the legal authority to maintain confidentiality.
(3) A provision specifying that ownership of
				the CGAD-related information shared with the NAIC or a third-party consultant
				remains with the OSI and the NAIC's or third-party consultant's use of the
				information is subject to the direction of the superintendent;
(4) A provision that prohibits the NAIC or a
				third-party consultant from storing the information shared pursuant to this
				rule in a permanent database after the underlying analysis is
				completed;
(5) A provision requiring
				the NAIC or third-party consultant to provide prompt notice to the
				superintendent and to the insurer or insurance group regarding any subpoena,
				request for disclosure, or request for production of the insurer's CGAD-related
				information; and
(6) A requirement
				that the NAIC or a third-party consultant to consent to intervention by an
				insurer or insurance group 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 or insurance group shared with the NAIC or a
				third-party consultant pursuant to this rule.