521E.8 Confidentiality — use of reports and information — prohibition on announcements — prohibition on use in ratemaking. 1. A risk-based capital report, to the extent the information in the report is not required to be set forth in a publicly available annual statement schedule, or a risk-based capitalplan, including the results or report of any examination or analysis of an insurer performedpursuant to this chapter, and any corrective order issued by the commissioner pursuant toan examination or analysis, with respect to a domestic insurer or foreign insurer, which arefiled with the commissioner, are deemed not to be public records under chapter 22 and areprivileged and confidential. This information shall not be made public and is not subject tosubpoena, other than by the commissioner, and then only for the purpose of enforcementactions taken by the commissioner pursuant to this chapter or any other provision of theinsurance laws of this state. 2. The comparison of an insurer’s total adjusted capital to any of its risk-based capital levels is a regulatory tool which may indicate the need for possible corrective action withrespect to the insurer, and is not to be used as a s total adjusted capital to any of its risk-based capital levels is a regulatory tool which may indicate the need for possible corrective action withrespect to the insurer, and is not to be used as a means to rank insurers generally. 3. Except as otherwise required under this chapter or as required of a publicly held company by the United States securities and exchange commission or other regulatoryagency, the publication or dissemination in any manner of an announcement or statementwhich contains an assertion, representation, or statement with regard to the risk-basedcapital levels of an insurer, or of a component derived in the calculation, by an insurer, agent,broker, or other person engaged in any manner in the business of insurance which would bemisleading, is prohibited. However, if a materially false statement comparing an insurer’stotal adjusted capital to its risk-based capital levels or a misleading comparison of any otheramount to the insurer’s risk-based capital levels is published or disseminated in any mannerand if the insurer is able to demonstrate to the commissioner with substantial proof that thestatement is false, misleading, or inappropriate, as the case may s published or disseminated in any mannerand if the insurer is able to demonstrate to the commissioner with substantial proof that thestatement is false, misleading, or inappropriate, as the case may be, the insurer may publishan announcement in a written publication for the sole purpose of rebutting the materiallyfalse, misleading, or inappropriate statement. 4. The risk-based capital instructions, risk-based capital reports, adjusted risk-based capital reports, risk-based capital plans, and revised risk-based capital plans shall be solelyused by the commissioner in monitoring the solvency of insurers and the need for possiblecorrective action with respect to insurers. The risk-based capital instructions, risk-basedcapital reports, adjusted risk-based capital reports, risk-based capital plans, and revisedrisk-based capital plans shall not be used by the commissioner for ratemaking and shall notbe considered or introduced as evidence in any rate proceeding or used by the commissionerto calculate or derive any elements of an appropriate premium level or rate of return for anyline of insurance which an insurer or any affiliate is authorized to write. 5. or used by the commissionerto calculate or derive any elements of an appropriate premium level or rate of return for anyline of insurance which an insurer or any affiliate is authorized to write. 5. A violation of this section by an insurer, agent, broker, or other person engaged in any manner in the business of insurance constitutes an unfair trade practice under chapter 507B. 96 Acts, ch 1046, §16Referred to in §521E.3 Sat Dec 23 00:53:04 2023 Iowa Code 2024, Section 521E.8 (16, 0)
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