Vermont § 22 - Confidentiality and information-sharing agreements

§ 22. Confidentiality and information-sharing agreements

• (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. (Added 2001, No. 71, § 1, eff. June 16, 2001; amended 2009, No. 42, § 5, eff. July 1, 2009; 2017, No. 1, § 1, eff. Feb. 23, 2017; 2023, No. 110 (Adj. Sess.), § 7, eff. July 1, 2024.)