Oklahoma § 36-1539 - Third-party consultants to assist the Commissioner in

§ 36-1539. Third-party consultants to assist the Commissioner in

reviewing documents.

Oklahoma Statutes - Title 36. Insurance

A. The Insurance Commissioner may retain, at the insurer's

expense, third-party consultants, including attorneys, actuaries,

accountants and other experts not otherwise a part of the

Commissioner's staff as may be reasonably necessary to assist the

Commissioner in reviewing the Corporate Governance Annual Disclosure

(CGAD) and related information or the insurer's compliance with this

act.

B. Any persons retained under subsection A of this section

shall be under the direction and control of the Commissioner and

shall act in a purely advisory capacity.

C. The National Association of Insurance Commissioners (NAIC)

and third-party consultants shall be subject to the same

confidentiality standards and requirements as the Commissioner.

D. As part of the retention process, a third-party consultant

shall verify to the Commissioner, with notice to the insurer, that

it is free of a conflict of interest and that it has internal

procedures in place to monitor compliance with a conflict and to

comply with the confidentiality standards and requirements of this

act.

E. A written agreement with the NAIC and/or a third-party

consultant governing sharing and use of information provided

pursuant to this act shall contain the following provisions and

expressly require the written consent of the insurer prior to making

public information provided under this act:

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 act;

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 Department of Insurance and the NAIC's or third-party

consultant's use of the information is subject to the direction of

the Commissioner;

4. A provision that prohibits the NAIC or a third-party

consultant from storing the information shared pursuant to this act

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 Commissioner 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

Oklahoma Statutes - Title 36. Insurance

6. A requirement that the NAIC or a third-party consultant

consents 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 shared with the NAIC or a third-party consultant pursuant to

this act.

Added by Laws 2019, c. 345, § 6, eff. Nov. 1, 2019.