Senate Bill No. 410
               Senate Bill No. 410

               PUBLIC ACT NO. 98-57


AN ACT CONCERNING THE SHARING OF INFORMATION AMONG
INSURANCE REGULATORY OFFICIALS.


    Be it enacted  by  the  Senate  and  House  of
Representatives in General Assembly convened:
    Section  1.  Section   38a-8  of  the  general
statutes  is  repealed   and   the   following  is
substituted in lieu thereof:
    (a) The commissioner  shall  see that all laws
respecting  insurance  companies   are  faithfully
executed  and shall  administer  and  enforce  the
provisions of this title. The commissioner has all
powers  specifically  granted,   and  all  further
powers that are reasonable and necessary to enable
the commissioner to protect the public interest in
accordance with the  duties imposed by this title.
The commissioner shall  pay  to  the Treasurer all
the fees which  he  receives. The commissioner may
administer oaths in the discharge of his duties.
    (b) The commissioner  shall  recommend  to the
General Assembly changes  which,  in  his opinion,
should be made in the laws relating to insurance.
    (c) In addition  to  the  specific regulations
which the commissioner  is  required to adopt, the
commissioner may adopt such further regulations as
are  reasonable and  necessary  to  implement  the
provisions of this  title.  Regulations  shall  be
adopted  in  accordance  with  the  provisions  of
chapter 54.
    (d) The commissioner  shall  develop a program
of periodic review  to  ensure  compliance  by the
Insurance Department with  the  minimum  standards
established  by  the   National   Association   of
Insurance  Commissioners for  effective  financial
surveillance and regulation of insurance companies
operating in this  state.  The  commissioner shall
adopt   regulations,  in   accordance   with   the
provisions  of  chapter   54,  pertaining  to  the
financial surveillance and  solvency regulation of
insurance   companies  as   are   reasonable   and
necessary to obtain  or maintain the accreditation
of  the  Insurance   Department  by  the  National
Association   of  Insurance   Commissioners.   The
commissioner shall maintain,  as confidential, any
confidential  documents  or  information  received
from  the  National   Association   of   Insurance
Commissioners, OR THE INTERNATIONAL ASSOCIATION OF
INSURANCE  SUPERVISORS,  or   any   documents   or
information  RECEIVED  from   STATE   OR   FEDERAL
insurance, [departments in  other  states] BANKING
OR SECURITIES REGULATORS  OR SIMILAR REGULATORS IN
A FOREIGN COUNTRY  which  are confidential in such
jurisdictions.  The  commissioner  may  share  any
information,  including confidential  information,
with  the  National   Association   of   Insurance
Commissioners,  THE INTERNATIONAL  ASSOCIATION  OF
INSURANCE  SUPERVISORS,  or   STATE   OR   FEDERAL
insurance, [departments of  other  states] BANKING
OR SECURITIES REGULATORS  OR SIMILAR REGULATORS IN
A FOREIGN COUNTRY  so  long  as  the  commissioner
determines that such  entities  agree  to maintain
the  same  level   of   confidentiality  in  their
jurisdiction as is available in this state.
    Sec. 2. Section 38a-67 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    (a)  Every insurer  domiciled  in  this  state
shall  file  a   report   with   the  commissioner
disclosing material acquisitions  and dispositions
of assets or  material  nonrenewals, cancellations
or  revisions  of   ceded  reinsurance  agreements
unless such material acquisitions and dispositions
of assets or  material  nonrenewals, cancellations
or revisions of  ceded reinsurance agreements have
been submitted to  the  commissioner  for  review,
approval or information purposes pursuant to other
provisions   of   the    insurance   code,   laws,
regulations or other requirements.
    (b) The report  required  in subsection (a) of
this section is  due within fifteen days after the
end of the  calendar  month  in  which  any of the
foregoing transactions occur.
    (c) One complete copy of the report, including
any exhibits or  other  attachments  filed as part
thereof, shall be filed with:
    (1) The insurance  department of the insurer's
state of domicile; and
    (2)  The  National  Association  of  Insurance
Commissioners.
    (d) All reports  obtained  by  or disclosed to
the commissioner pursuant  to  the  provisions  of
this  section and  sections  38a-67a  and  38a-67b
shall be given  confidential  treatment, shall not
be subject to  subpoena  and  shall  not  be  made
public   by   the   commissioner,   the   National
Association  of  Insurance  Commissioners  or  any
other person, except  to  insurance  [departments]
REGULATORY OFFICIALS of  other states OR COUNTRIES
SO LONG AS  THE  COMMISSIONER DETERMINES THAT SUCH
OFFICIALS AGREE TO  MAINTAIN  THE  SAME  LEVEL  OF
CONFIDENTIALITY  IN  THEIR   JURISDICTION   AS  IS
AVAILABLE IN THIS STATE, without the prior written
consent of the insurer to which it pertains unless
the commissioner, after  giving  the  insurer  who
would  be  affected   thereby,   notice   and   an
opportunity  to  be  heard,  determines  that  the
interest  of policyholders,  shareholders  or  the
public will be  served by the publication thereof,
in which event the commissioner may publish all or
any part thereof  in  such  manner  as he may deem
appropriate.

Approved May 19, 1998