AI-assisted research summary: The commissioner must keep nonpublic information confidential and generally must not make it public, except in limited circumstances.
(a) Except as otherwise provided in this section, all nonpublic information in a captive insurance company's application for licensure, its business plan, or of its parent or the parent's member organizations, and all other nonpublic information disclosed to the commissioner pursuant to this article, shall be given confidential treatment and shall not be made public by the commissioner. (b) If the commissioner determines that the interest of the policyholders, shareholders, or the public will be served by making the information public, then after giving the captive insurance company and its parent or the parent's member organizations that would be affected thereby, three days written notice of intent, and unless otherwise contrary to law, the commissioner may make public all or any part of the nonpublic information in a manner that the commissioner deems appropriate; provided that the commissioner may disclose nonpublic information to courts of competent jurisdiction, and insurance departments or regulatory agencies of other competent jurisdictions without prior notification to the person to whom the information pertains. (c) This section shall not apply to risk retention captive insurance companies. The confidentiality provisions of section 431:2-209 shall apply to risk retention captive insurance companies. (d) For purposes of this section: "Equity securities" means: (1) A share in a corporation, whether or not transferable or denominated a "stock", or similar security evidencing an ownership interest in the person; (2) The interest of a limited partner in a limited partnership; (3) The interest of a partner in a partnership, including a joint venture; or (4) A warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share, security, or interest of a kind specified in paragraph (1), (2), or (3). "Nonpublic information" means information that, prior to disclosure to the commissioner pursuant to this article is, or was: (1) Not a public record as defined in rule 1001(5) of section 626-1; or (2) Not a government record that must be disclosed under section 92F-12; provided that in the case of a person whose equity securities are collectively owned and held by thirty-six or more persons, "nonpublic information" does not include financial information disclosed to owners and holders of equity securities. [L 2000, c 67, §1; am L 2002, c 157, §1; am L 2012, c 253, §3]