Okla. Stat. tit. 36, § 36-1640

Oklahoma Statutes - Title 36. Insurance Page 484

A. Documents, materials or other information in the possession

or control of the Insurance Department that are obtained by or

disclosed to the Commissioner or any other person in the course of

an examination or investigation made pursuant to Section 1637 of

this title and all information reported or provided to the Insurance

Department pursuant to paragraphs 12 and 13 of subsection B of

Section 1633 of this title, Section 1635 of this title, Section 1636

of this title, and Section 1639 of this title are recognized by this

state as being proprietary and containing trade secrets and shall be

confidential by law and privileged, shall not be subject to open

records, or freedom of information, shall not be subject to

subpoena, and shall not be subject to discovery or admissible in

evidence in any private civil action. However, the Commissioner is

authorized to use the documents, materials or other information in

the furtherance of any regulatory or legal action brought as a part

of the Commissioner's official duties. The Commissioner shall not

otherwise make the documents, materials or other information public

without the prior written consent of the insurer to which it

pertains unless the Commissioner, 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 the Commissioner may publish all or any part

in such manner as may be deemed appropriate.

1. For purposes of the information reported and provided to the

Department of Insurance pursuant to paragraph 2 of subsection L of

Section 1635 of this title, the Commissioner shall maintain the

confidentiality of the group capital calculation and group capital

ratio produced within the calculation and any group capital

information received from an insurance holding company supervised by

the Federal Reserve Board or any United States group wide

supervisor; and

2. For purposes of the information reported and provided to the

Department of Insurance pursuant to paragraph 3 of subsection L of

Section 1635 of this title, 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 supervised by the Federal Reserve Board

and non-United-States group wide supervisors.

B. Neither the Commissioner nor any person who received

documents, materials or other information while acting under the

authority of the Commissioner or with whom such documents, materials

or other information are shared pursuant to this act shall be

permitted or required to testify in any private civil action

concerning any confidential documents, materials or information

subject to subsection A of this section.

Oklahoma Statutes - Title 36. Insurance Page 485

C. In order to assist in the performance of the Commissioner's

duties, the Commissioner:

1. May share documents, materials or other information,

including the confidential and privileged documents, materials or

information subject to subsection A of this section, including

proprietary and trade secret documents and materials, with other

state, federal and international regulatory agencies, with the

National Association of Insurance Commissioners (NAIC) and its

affiliates and subsidiaries, with any third-party consultants

designated by the Commissioner, and with state, federal and

international law enforcement authorities, including members of any

supervisory college described in Section 1638 of this title,

provided that the recipient agrees in writing to maintain the

confidentiality and privileged status of the document, material or

other information, and has verified in writing the legal authority

to maintain confidentiality;
ommissioner, and with state, federal and

international law enforcement authorities, including members of any

supervisory college described in Section 1638 of this title,

provided that the recipient agrees in writing to maintain the

confidentiality and privileged status of the document, material or

other information, and has verified in writing the legal authority

to maintain confidentiality;

2. Notwithstanding paragraph 1 of this subsection, may only

share confidential and privileged documents, material or information

reported pursuant to paragraph 1 of subsection L of Section 1635 of

this title with Commissioners of states having statutes or

regulations substantially similar to subsection A of this section

and who have agreed in writing not to disclose such information;

3. May receive documents, materials or information, including

otherwise confidential and privileged documents, materials or

information, including proprietary and trade-secret information,

from the NAIC and its affiliates and subsidiaries and from

regulatory and law enforcement officials of other foreign or

domestic jurisdictions, and shall maintain as confidential or

privileged any document, material or information received with

notice or the understanding that it is confidential or privileged

under the laws of the jurisdiction that is the source of the

document, material or information; and

4. Shall enter into written agreements with the NAIC and any

third-party consultant designated by the Commissioner governing

sharing and use of information provided pursuant to this act

consistent with this subsection that shall:

a. specify procedures and protocols regarding the

confidentiality and security of information shared

with the NAIC or a third-party consultant designated

by the Commissioner pursuant to this act, including

procedures and protocols for sharing by the NAIC with

other state, federal or international regulators. The

agreement shall provide that the recipient agrees in

writing to maintain the confidentiality and privileged

status of the documents, materials or other

information and has verified in writing the legal

authority to maintain such confidentiality,

Oklahoma Statutes - Title 36. Insurance Page 486

b. specify that ownership of information shared with the

NAIC or a third-party consultant pursuant to this act

remains with the Commissioner and the NAIC's or a

third-party consultant's, as designated by the

Commissioner, use of the information is subject to the

direction of the Commissioner,

c. excluding documents, material or information reported

pursuant to paragraph 3 of subsection L of Section

1635 of this title, prohibit the NAIC or third-party

consultant designated by the Commissioner from storing

the information shared pursuant to this act 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 designated by the

Commissioner pursuant to this act is subject to a

request or subpoena to the NAIC or a third-party

consultant designated by the Commissioner for

disclosure or production, and

e. require the NAIC or a third-party consultant

designated by the Commissioner to consent to

intervention by an insurer in any judicial or

administrative action in which the NAIC or a third-

party consultant designated by the Commissioner may be

required to disclose confidential information about

the insurer shared with the NAIC or a third-party

consultant designated by the Commissioner pursuant to

this act.

f. for documents, material or information reported

pursuant to paragraph 3 of subsection L of Section

1635 of this title, in the case of an agreement

involving a third-party consultant, provide for

notification of the identity of the consultant to the

applicable insurers.

D. The sharing of information by the Commissioner pursuant to
tant designated by the Commissioner pursuant to

this act.

f. for documents, material or information reported

pursuant to paragraph 3 of subsection L of Section

1635 of this title, in the case of an agreement

involving a third-party consultant, provide for

notification of the identity of the consultant to the

applicable insurers.

D. The sharing of information by the Commissioner pursuant to

this act shall not constitute a delegation of regulatory authority

or rulemaking, and the Commissioner is solely responsible for the

administration, execution and enforcement of the provisions of this

act.

E. No waiver of any applicable privilege or claim of

confidentiality in the documents, materials or information shall

occur as a result of disclosure to the Commissioner under this

section or as a result of sharing as authorized in subsection C of

this section.

F. Documents, materials or other information in the possession

or control of the NAIC or a third-party consultant designated by the

Oklahoma Statutes - Title 36. Insurance Page 487

Commissioner pursuant to this act shall be confidential by law and

privileged, shall not be subject to open records or freedom of

information, shall not be subject to subpoena, and shall not be

subject to discovery or admissible in evidence in any private civil

action.

G. The group capital calculation and resulting group capital

ratio required under paragraph 2 of subsection L of Section 1635 of

this title and the Liquidity Stress Test along with its results and

supporting disclosures required under paragraph 3 of subsection L of

Section 1635 of this title are regulatory tools for assessing group

risks and capital adequacy and group liquidity risks, respectively,

and are not intended as a means to rank insurers or insurance

holding company systems generally. Therefore, except as otherwise

may be required under the provisions of this title, the making,

publishing, disseminating, circulating or placing before the public,

or causing directly or indirectly to be made, published,

disseminated, circulated or placed 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 any electronic means of communication available to the public, or

in any other way as an advertisement, announcement or statement

containing a representation or statement with regard to the group

capital calculation, group capital ratio, the Liquidity Stress Test

results, or supporting disclosures for the Liquidity Stress Test of

any insurer or any insurer group, or of any component derived in the

calculation by an insurer, 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 group capital calculation, resulting

group capital ratio, an inappropriate comparison of any amount to an

insurer's or insurance group's group capital calculation or

resulting group capital ratio, Liquidity Stress Test result,

supporting disclosures for the Liquidity Stress Test, or an

inappropriate comparison of any amount to an insurer's or insurance

group's Liquidity Stress Test result or supporting disclosures 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 announcements in a written publication if

the sole purpose of the announcement is to rebut the materially

false statement.