ORS 732.586 Confidentiality of information; permitted disclosures; prohibition on publication

All information, documents and copies of information or documents obtained by or disclosed to the Director of the Department of Consumer and Business Services or any other person in the course of an examination or investigation under ORS 732.584 are subject to the provisions of ORS 731.312.

All information reported in accordance with ORS 732.552, 732.554, 732.574 and 732.576 is confidential and may not be made public except as provided in this subsection. The director may disclose reported information only as provided in ORS 705.137 or only if:

The director obtains the prior written consent of the insurer to which the reported information pertains; or

The director, after giving the insurer and the insurer’s affiliates that would be affected by the disclosure notice and opportunity to be heard, determines that disclosing the information will serve the interest of policyholders, shareholders or the public. If the director determines that disclosing the information will serve one or more of such interests, the director may publish all or any part of the information in any manner that the director determines is appropriate.

With respect to any information filed under ORS 732.569 (2) to (6), the chief insurance regulatory official described in ORS 732.569 (1) shall maintain the confidentiality of the group capital calculation, the group capital ratio produced within the calculation and any group capital information received from an insurance holding company system supervised by the Federal Reserve Board or a group-wide supervisor located in the United States.

With respect to any information filed under ORS 732.569 (7) and (8), the chief insurance regulatory official described in ORS 732.569 (1) shall maintain the confidentiality of the liquidity stress test results and supporting disclosures and any information about a liquidity stress test received from an insurance holding company system supervised by the Federal Reserve Board and group-wide supervisors located outside the United States.

Except as otherwise required under ORS 732.517 to 732.596 and subject to paragraph (b) of this subsection, an insurer, broker or other person engaged in any manner in the insurance business may not make, publish, disseminate, circulate or place before the public, or cause another person, directly or indirectly, to make, publish, disseminate, circulate or place before the public, a statement or representation with regard to the group capital calculation, the group capital ratio, the liquidity stress test results or supporting disclosures, or any other component of the group capital calculation, the group capital ratio or the liquidity stress test results or supporting disclosures, that must be filed under ORS 732.569, whether the statement or representation appears:

In a newspaper, magazine or other publication;

In the form of a notice, circular, pamphlet, letter or poster;

In any radio or television broadcast or any electronic means of communication that is available to the public; or

As an advertisement or announcement.

After demonstrating to the director with substantial proof that a published written statement or representation concerning an item described in paragraph (a) of this subsection is materially false or inappropriate, an insurer or insurance group may publish an announcement in a written publication solely to rebut the materially false statement or representation. The rebuttal may address a materially false or inappropriate statement or representation as to:

The group capital calculation or the resulting group capital ratio;

The liquidity stress test result or supporting disclosures for the liquidity stress test; or

An inappropriate comparison between any amount and any of the items described in subparagraph (A) or (B) of this paragraph.

The director’s sharing of information under ORS 732.517 to 732.596 does not delegate regulatory or rulemaking authority. The director is solely responsible for administering, executing and enforcing ORS 732.517 to 732.596.