Cap. 403 Art. 59Confidentiality.

(1) Information obtained by the competent authority or by its officers, employees or agents, including former officers, employees or agents, as well as by inspectors, auditors and experts acting on behalf of the competent authority for the purposes of, or pursuant to, any of the provisions of this Act, or of any regulations made thereunder, or of any Insurance Rules, or in the discharge of any functions under any of the said provisions, shall be treated as confidential and protected by the duty of professional secrecy.

(2) Without prejudice to cases covered by criminal law, the persons referred to in sub-article (1) shall not disclose information obtained from an authorised insurance or reinsurance undertaking unless such disclosure of information be done in summary or aggregate form, so as not to enable the identity of such undertaking, to whom such information relates, to be ascertained: Provided that, such persons may disclose confidential information in civil or commercial proceedings where an authorised insurance or reinsurance undertaking has been declared insolvent or is being compulsorily wound up, as long as such information does not concern third parties involved in attempts to rescue that undertaking.

(3) Nothing in this Act shall authorise the competent authority to enquire or cause an enquiry to be made in an authorised insurance or reinsurance undertaking into the affairs of any individual policyholder of the authorised insurance or reinsurance undertaking except for the purpose of ensuring compliance with any of the provisions of this or of any other Act.

(4) Where the competent authority receives confidential information from a European regulatory authority under this article and article 55 it may only use such confidential information in the course of its duties and for the following purposes:

(a) to check that the conditions governing the carrying on of business of insurance or reinsurance are met and to facilitate the monitoring of the carrying on of such business especially with regard to the monitoring of the technical provisions, the Solvency Capital Requirement, the Minimum Capital Requirement and the system of governance;

(b) to impose penalties or adopt other administrative measures and to consider representations received in their regard;

(c) in appeals against decisions of the competent authority under article 58; and

(d) in judicial proceedings under the Solvency II Directive.

(5) When an officer or an employee of an authorised insurance or reinsurance undertaking has reason to believe that a transaction or a proposed transaction could involve money laundering or the funding of terrorism, he shall act in compliance with the reporting and other obligations set out in the regulations made under article 12 of the Prevention of Money Laundering Act and any procedures and guidance issued thereunder, and such disclosure shall not constitute a breach of confidentiality.

(6) In this article, any reference to agents has the meaning assigned to it in article 30(10).