§ 22. Confidentiality and information-sharing agreements
(a) Except as expressly provided in subsection (b) of this section, all documents, material,
or other information reported to, or developed or maintained by, the Commissioner
may be used by the Commissioner in the furtherance of legal or regulatory proceedings
brought as a part of the Commissioner’s official duties.
(b) In order to assist in the performance of the Commissioner’s duties, the Commissioner:
(1) may share documents, materials, or other information, including confidential and privileged
documents, materials, or other information, with other state, federal, or international
agencies; the National Association of Insurance Commissioners; the North American
Securities Administrators Association; the International Association of Insurance
Supervisors; the Conference of State Bank Supervisors; the National Association of
State Credit Union Supervisors; self-regulatory organizations organized under 15 U.S.C. §§ 78f, 78o-3, and 78q-1; other self-regulatory organizations and their affiliates or subsidiaries; and with
state, federal, and international law enforcement authorities, provided that the recipient
agrees to maintain the confidentiality and privileged status of the document, material,
or other information;
(2) may receive documents, materials, or information, including otherwise confidential
and privileged documents, materials, or information, from other state, federal, and
international agencies; the National Association of Insurance Commissioners; the North
American Securities Administrators Association; the International Association of Insurance
Supervisors; the Conference of State Bank Supervisors; the National Association of
State Credit Union Supervisors; self-regulatory organizations organized under 15 U.S.C. §§ 78f, 78o-3, and 78q-1; other self-regulatory organizations and their affiliates or subsidiaries; and from
state, federal, and international law enforcement authorities; and shall maintain
as confidential or privileged any document, material, or information received with
notice or the understanding that it is confidential or privileged under the laws of
the jurisdiction that is the source of the document, material, or information;
(3) may enter into agreements governing sharing and use of information consistent with
this section; and
(4) shall determine, prior to sharing information about an individual pursuant to subdivision
(1) of this subsection, that sharing the information will substantially further the
performance of the regulatory or law enforcement duties of the recipient.
(c) Any information furnished pursuant to this section by or to the Commissioner that
has been designated confidential by the furnisher of the information shall not be
subject to public inspection under 1 V.S.A. chapter 5, shall not be subject to subpoena, and shall not be subject to discovery or admissible
in evidence in any private civil action.
(d) Neither the Commissioner nor any person who received documents, material, or information
while acting under the authority of the Commissioner shall be permitted or required
to testify in any private civil action concerning any confidential documents, material,
or information.
(e) No waiver of an existing privilege or claim of confidentiality in the documents, materials,
or information shall occur as a result of disclosure or sharing as authorized under
this section.
(f) The provisions of this section shall apply to information relating to persons that
engage in activities that are financial in nature, or incidental or complementary
to such financial activity within the meaning of 12 U.S.C. § 1843(k) and to credit unions. This section shall also apply to captives formed or licensed
under the provisions of chapter 141 or 142 of this title. (Added 2001, No. 71, § 1, eff. June 16, 2001; amended 2009, No. 42, § 5, eff. July 1, 2009; 2017, No. 1, § 1, eff. Feb. 23, 2017; 2023, No. 110 (Adj. Sess.), § 7, eff. July 1, 2024.)