ICP 3 Information Sharing and Confidentiality Requirements
The supervisor obtains information from, and shares information with, relevant supervisors and authorities subject to confidentiality, purpose and use requirements
3.1 |
The supervisor requests information, including non-public information, from relevant supervisors and authorities with respect to insurers.
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3.2 |
The supervisor shares information, including non-public information, with relevant supervisors and authorities at its sole discretion and subject to appropriate safeguards.
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3.3 |
The supervisor requesting confidential information (the requesting supervisor) has a legitimate interest and valid supervisory purpose related to the fulfilment of its supervisory functions in seeking information from another relevant supervisor or authority.
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3.4 |
The supervisor that has received a request for confidential information (the requested supervisor) from another relevant supervisor or authority:
- assesses each request for information on a case-by-case basis; and
- responds to requests in a timely and comprehensive manner.
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3.5 |
The requesting supervisor uses confidential information received from the requested supervisor or authority only for the purposes specified when the information was requested. Unless otherwise agreed, before using the information for another purpose or passing it on to others, the requesting supervisor obtains agreement of the requested supervisor or authority.
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3.6 |
In the event the requesting supervisor has received notice of proceedings, which may legally compel it to disclose confidential information which it has received from the requested supervisor, the requesting supervisor:
- to the extent permitted by law, promptly notifies the requested supervisor; and
- where consent to disclosure is not given, uses all reasonable means to resist the demand and to protect the confidentiality of the information.
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