(215 ILCS 5/35A-50)
Sec. 35A-50.
Confidentiality and prohibition on announcements.
(a) All RBC Reports, to the extent the information therein is not required
to
be set forth in a publicly available annual statement schedule, and RBC
Plans, including the results or report of any examination or analysis of an
insurer performed under this Article and any Corrective Order issued by the
Director
pursuant to the examination or analysis, with respect to any domestic insurer
or foreign
insurer that are filed with the Director constitute information that might be
damaging to the insurer if made available to its competitors and
shall be kept confidential by the Director. This information shall not be made
public or be subject to subpoena, other than by the Director and then only for
the purpose of enforcement actions taken by the Director under this Code or
other provisions of the insurance laws of this State.
(b) It is the judgment of the legislature that the comparison of an
insurer's total adjusted capital to any of its RBC levels is a regulatory tool
that may indicate the need for possible corrective action with respect to the
insurer and not a means to rank insurers generally. Therefore, except as
otherwise required under the provisions of this Code, the disclosure, in any
manner or form, directly or indirectly, of information containing an assertion,
representation, or
statement regarding the RBC levels of any insurer or any component derived
in the calculation of RBC levels by any insurer, insurance producer, limited
insurance producer, broker, or other person engaged in any manner in the
insurance business would be misleading and is prohibited. In the event that a
materially false statement with respect to the comparison regarding an
insurer's total
adjusted capital to any of its RBC levels or an inappropriate comparison of any
other amount to the insurer's RBC levels is published in any written
publication
and the insurer is able to demonstrate to the Director with substantial proof
the falsity of the statement or the inappropriateness thereof, the insurer may
publish an announcement in a written publication if the sole purpose of the
announcement is to rebut the materially false statement.
(c) It is the further judgment of the legislature that the RBC
Instructions,
RBC Reports, Adjusted RBC Reports, RBC Plans, and Revised RBC Plans are
intended
solely for use by the Director in monitoring the solvency of insurers and the
need for possible corrective action with respect to insurers and shall not be
used by the Director for ratemaking or considered or introduced as evidence in
any rate proceeding or used by the Director to calculate or derive any
elements of an appropriate premium level or rate of return for any line of
insurance that an insurer or an affiliate is authorized to write.
(Source: P.A. 88-364; 89-97, eff. 7-7-95.)
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