Alaska Statutes: AS 21.09.450. Agreements with National Association of Insurance Commissioners and Third-Party Consultants.

Alaska Statutes. Title 21. Insurance Chapter 9. Authorization, Corporate Governance Requirements Section 450. Agreements with National Association of Insurance Commissioners and Third-Party Consultants.

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AS 21.09.450. Agreements with National Association of Insurance Commissioners and Third-Party Consultants.

   (a) The director may retain, at the insurer's or insurance group's expense and as consistent with this section, third-party consultants, including attorneys, actuaries, accountants, and other experts not otherwise a part of the director's staff, as may be reasonably necessary to assist the director in reviewing the insurer's or insurance group's corporate governance annual disclosure and related information or the insurer's or insurance group's compliance with AS 21.09.400 - 21.09.460.
   (b) A person retained under (a) of this section is under the direction and control of the director and acts in a purely advisory capacity.
   (c) As part of the retention process, a third-party consultant must verify to the director in writing, with notice to the insurer or insurance group, that the consultant is free of a conflict of interest, has internal procedures in place to monitor compliance with a conflict, and will comply with the confidentiality standards and requirements under AS 21.09.400 - 21.09.460.
   (d) A written agreement with the National Association of Insurance Commissioners, a third-party consultant, or both, governing sharing and use of information provided under AS 21.09.400 - 21.09.460 must contain the following provisions and expressly require the written consent of the insurer or insurance group before making information under AS 21.09.400 - 21.09.460 public:
        (1) a provision stating that the National Association of Insurance Commissioners and third-party consultants are subject to the same confidentiality standards and requirements as the director under AS 21.22.120 and any other relevant law;
        (2) specific procedures and protocols for maintaining the confidentiality and security of information related to corporate governance annual disclosures that is shared with the National Association of Insurance Commissioners or the third-party consultant under AS 21.09.400 - 21.09.460;
        (3) procedures and protocols that ensure the National Association of Insurance Commissioners shares only with other state regulators from states in which the insurer or insurance group has domiciled insurers; the agreement must provide that the recipient agrees in writing to maintain the confidentiality of the documents, materials, or other information related to corporate governance annual disclosures and has verified in writing the legal authority to maintain confidentiality;
        (4) a provision specifying that ownership of information related to corporate governance annual disclosures that is shared with the National Association of Insurance Commissioners or a third-party consultant remains with the division, and the use of the information by the National Association of Insurance Commissioners or the third-party consultant is subject to the direction of the director;
        (5) a provision that prohibits the National Association of Insurance Commissioners or the third-party consultant from storing the information shared under AS 21.09.400 - 21.09.460 in a permanent database after the underlying analysis is completed;
        (6) a provision requiring the National Association of Insurance Commissioners or the third-party consultant to provide prompt notice to the director and the insurer or insurance group regarding any subpoena, request for disclosure, or request for production of information related to the insurer's or insurance group's corporate governance annual disclosure;
        (7) a requirement that the National Association of Insurance Commissioners or the third-party consultant consent to intervention by an insurer or insurance group in any judicial or administrative action in which the National Association of Insurance Commissioners or the third-party consultant may be required to disclose confidential information about the insurer or insurance group shared with the National Association of Insurance Commissioners or the third-party consultant under AS 21.09.400 - 21.09.460.

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