Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS
Rule 120-2-23-.21 - Confidentiality of Information Received From International Regulators

Universal Citation: GA Rules and Regs r 120-2-23-.21

Current through Rules and Regulations filed through March 20, 2024

(1) Scope of Rule. This Rule shall apply where confidential information is shared between an international regulator and the Commissioner pursuant to a memorandum of understanding between the Commissioner and the international regulator covering the sharing of confidential information.

(2) Definitions.

(a) "Access confidentiality statement" shall mean the statement set forth in Form G that is executed by any individual who is authorized by the Commissioner to have access to confidential information.

(b) "Authorized individual" shall mean an individual who has executed an access confidentiality statement.

(c) "Confidential information" shall mean all information that is confidential pursuant to O.C.G.A. §§ 33-2-14(g) and 33-13-8(a) and which is covered by the memorandum of understanding.

(d) "Disclosure restriction" shall mean any restriction that is set forth in the memorandum of understanding that restricts or otherwise prevents the Commissioner from exercising his discretion to disclose confidential information.

(e) "International regulator" shall mean the entity that has responsibility for regulating insurance in a non-U.S. jurisdiction.

(f) "Memorandum of understanding" shall mean the agreement governing the sharing and use of confidential information between the Commissioner and the international regulator.

(g) "Person" shall mean an individual, insurer, company, association, trade association,organization, society, reciprocal or interinsurance exchange, partnership, syndicate, business trust, corporation, Lloyd's association, and associations, groups, or department of underwriters, and any other legal entity.

(h) "Scope of use" shall mean the use of confidential information in manner that is consistent with the description of the regulatory need for confidential information set forth in the Commissioner's request for confidential information from an international regulator or as otherwise approved by the international regulator.

(3) Access to confidential information. Only authorized individuals shall have access to confidential information.

(4) Use of confidential information. Confidential information may only be used in a manner that is consistent with the scope of use.

(5) Unauthorized disclosure. It is a violation of this Rule for an individual to knowingly disclose confidential information to any person that is not authorized to access confidential information. An individual acts knowingly if he or she knows that the disclosure is a violation of this Rule.

(6) Inadvertent disclosure. It is not a violation of this Rule for an individual to inadvertently disclose confidential information to any person that is not authorized to access confidential information. An individual acts inadvertently if he or she does not knowingly disclose confidential information to a person that is not authorized to access the confidential information.

(7) Required disclosure. If the Commissioner is required to disclose confidential information to a person that is not an authorized individual by law or by court order, then the Commissioner will provide notice of such disclosure in accordance with the terms of the memorandum of understanding or, if not addressed in the memorandum of understanding, the Commissioner shall give notice to the international regulator prior to the disclosure.

(8) Immunity. This Rule does not waive or alter the applicability of any statutory or common law immunity available to an authorized individual or employee of the Department of Insurance.

O.C.G.A. Secs. 33-2-9, 33-2-14, 33-13-3, 33-13-8, 33-13-9.

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