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2007 Michigan Attorney General Reports and Opinions 1 (2007)

handle is hein.sag/sagmi0020 and id is 1 raw text is: The following opinion is presented on-line for informational use only and does not replace the official version. (Mich Dept of Attorney General Web Site - www.ag.state.mi.us) STATE OF MICHIGAN MIKE COX, ATTORNEY GENERAL INSURANCE CODE OF 1956: Authority of Commissioner of the Office of Financial and Insurance Services to share LAND INSURANCE confidential information with regulatory agencies of OFFICES: Oforeign countries SERVICES: Section 222(7)(b) of the Insurance Code, MCL 500.222(7)(b), authorizes the Commissioner of the Office of Financial and Insurance Services to share confidential documents and information regarding insurance companies with any relevant regulatory agency of another country, provided the Commissioner is given assurances that the information will be kept confidential. Opinion No. 7197 January 24, 2007 Ms. Linda A. Watters Commissioner Office of Financial and Insurance Services Department of Labor and Economic Growth P.O. Box 30220 Lansing, Michigan 48909 You have asked if section 222(7)(b) of the Insurance Code authorizes the Commissioner of the Office of Financial and Insurance Services to share confidential documents and information regarding insurance companies with relevant regulatory agencies of other countries. The Insurance Code of 1956, 1956 PA 218, MCL 500.100 et seq, broadly authorizes the Insurance Commissionerl to examine the affairs of any insurance company at any time after it has been authorized to do business in Michigan. MCL 500.222. This includes domestic, foreign, and alien insurance companies as defined in section 110 of the Insurance Code, MCL 500.110. Domestic insurance companies are formed under Michigan law. MCL 500.110(1). Foreign insurers are formed under the laws of the District of Columbia or any other state, commonwealth, territory, or possession of the United States. MCL 500.110(2). Alien insurance companies are formed under the laws of any country other than the United States or any state, district, commonwealth, territory, or possession of the United States. MCL 500.110(3). A domestic, foreign, or alien insurer shall not be authorized to do business in this State or continue to be so authorized if the insurer is not or does not continue to be safe, reliable, and entitled to public confidence. MCL 500.403. Section 222(7) of the Insurance Code, MCL 500.222(7), declares that most information and documents generated in the course of an insurance company examination are confidential. It requires the Commissioner to withhold any examination report from public inspection until the report is final and filed with the Commissioner. Even then, the Commissioner may continue to withhold an examination report from public inspection for such time as he or she may consider proper. In any event, section 222(7) mandates that documents and information connected to an examination report or an investigation shall be confidential and shall not be disclosed except as specifically allowed in that section. Section 222(7) explicitly authorizes the Commissioner to share confidential information with certain interested persons, such as the Governor, the Attorney General, and other regulatory agencies, if they agree to keep the information confidential:

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