8 V.S.A. § 22

(a) Except as expressly provided in subsection (b) of this section, all documents, material, or other information reported to, or developed or maintained by, the Commissioner may be used by the Commissioner in the furtherance of legal or regulatory proceedings brought as a part of the Commissioner's official duties.

(b) In order to assist in the performance of the Commissioner's duties, the Commissioner:

(1) may share documents, materials, or other information, including confidential and privileged documents, materials, or other information, with other state, federal, or international agencies; the National Association of Insurance Commissioners; the North American Securities Administrators Association; the International Association of Insurance Supervisors; the Conference of State Bank Supervisors; the National Association of State Credit Union Supervisors; self-regulatory organizations organized under 15 U.S.C. §§ 78f, 78o-3, and 78q-1; other self-regulatory organizations and their affiliates or subsidiaries; and with state, federal, and international law enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material, or other information;

(2) may receive documents, materials, or information, including otherwise confidential and privileged documents, materials, or information, from other state, federal, and international agencies; the National Association of Insurance Commissioners; the North American Securities Administrators Association; the International Association of Insurance Supervisors; the Conference of State Bank Supervisors; the National Association of State Credit Union Supervisors; self-regulatory organizations organized under 15 U.S.C. §§ 78f, 78o-3, and 78q-1; other self-regulatory organizations and their affiliates or subsidiaries; and from state, federal, and international law enforcement authorities; 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;

(3) may enter into agreements governing sharing and use of information consistent with this section; and

(4) shall determine, prior to sharing information about an individual pursuant to subdivision (1) of this subsection, that sharing the information will substantially further the performance of the regulatory or law enforcement duties of the recipient.

(c) Any information furnished pursuant to this section by or to the Commissioner that has been designated confidential by the furnisher of the information shall not be subject to public inspection under 1 V.S.A. chapter 5, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action.

(d) Neither the Commissioner nor any person who received documents, material, or information while acting under the authority of the Commissioner shall be permitted or required to testify in any private civil action concerning any confidential documents, material, or information.

(e) No waiver of an existing privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of disclosure or sharing as authorized under this section.

(f) The provisions of this section shall apply to information relating to persons that engage in activities that are financial in nature, or incidental or complementary to such financial activity within the meaning of 12 U.S.C. § 1843(k) and to credit unions. This section shall also apply to captives formed or licensed under the provisions of chapter 141 or 142 of this title.