§ 521f-9

521F.9 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, a risk-based capital plan,including the results or report of any examination or analysis of a health organizationperformed pursuant to this chapter, and any corrective order issued by the commissionerpursuant to an examination or analysis, which are filed with the commissioner, aredeemed not to be public records under chapter 22 and are privileged and confidential.This information shall not be made public and is not subject to subpoena, other than bythe commissioner, and then only for the purpose of enforcement actions taken by thecommissioner pursuant to this chapter or any other provision of the insurance laws of thisstate. 2. The comparison of a health organization’s total adjusted capital to any of its risk-based capital levels is a regulatory tool which may indicate the need for possible corrective actionwith respect to the health organization, and is not to be used as a means to rank

o any of its risk-based capital levels is a regulatory tool which may indicate the need for possible corrective actionwith respect to the health organization, and is not to be used as a means to rank healthorganizations generally. 3. Except as otherwise required under this chapter, the publication or dissemination in any manner of an announcement or statement which contains an assertion, representation,or statement with regard to the risk-based capital levels of a health organization, or of acomponent derived in the calculation, by a health organization, agent, broker, or otherperson engaged in any manner in the business of insurance, is prohibited. However, if amaterially false statement comparing a health organization’s total adjusted capital to itsrisk-based capital levels or a misleading comparison of any other amount to the healthorganization’s risk-based capital levels is published or disseminated in any manner and ifthe health organization is able to demonstrate to the commissioner with substantial proofthat the statement is false, misleading, or inappropriate, as the case may be, the healthorganization may publish an announcement in a written publication for the sole

missioner with substantial proofthat the statement is false, misleading, or inappropriate, as the case may be, the healthorganization may publish an announcement in a written publication for the sole purpose ofrebutting the materially false, 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 health organizations and the needfor possible corrective action with respect to health organizations. The risk-based capitalinstructions, risk-based capital reports, adjusted risk-based capital reports, risk-basedcapital plans, and revised risk-based capital plans shall not be used by the commissioner forratemaking and shall not be considered or introduced as evidence in any rate proceeding orused by the commissioner to calculate or derive any elements of an appropriate premiumlevel or rate of return for any line of insurance which a health organization or any affiliate isauthorized to write.

by the commissioner to calculate or derive any elements of an appropriate premiumlevel or rate of return for any line of insurance which a health organization or any affiliate isauthorized to write. 2000 Acts, ch 1050, §9Referred to in §521F.4 Sat Dec 23 00:53:11 2023 Iowa Code 2024, Section 521F.9 (15, 0)