Summary: | The federal banking and thrift regulatory agencies are jointly issuing the attached advisory to remind institutions that, except in very limited circumstances, they are prohibited by law from disclosing CAMELS ratings and other non-public supervisory information to insurers and to other non-related third parties without permission from the appropriate federal regulator. |
Highlights:
Continuation of FIL-13-2005 Distribution: Suggested Routing: Note: |
Financial Institution Letters FIL-13-2005 February 28, 2005 |
Non-Public Supervisory Information The federal banking and thrift regulatory agencies are jointly issuing the attached advisory to remind institutions that, except in very limited circumstances, they are prohibited by law from disclosing CAMELS ratings and other non-public supervisory information to insurers and to other non-related third parties without permission from the appropriate federal regulator. The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision (the Agencies) have jointly issued the attached "Interagency Advisory on the Confidentiality of the Supervisory Rating and Other Nonpublic Supervisory Information." This advisory reminds institutions that, except in very limited circumstances, they are prohibited by law from disclosing their CAMELS rating and other non-public supervisory information to insurers as well as other non-related third parties without permission from their appropriate regulator. It has come to the attention of the Agencies that some insurers are requesting institutions to disclose CAMELS ratings during the underwriting process in order to receive directors and officers liability coverage. FDIC regulations specifically provide that the report of examination and the information contained therein are highly confidential and can only be disclosed in accordance with 12 C.F.R § 309 of the FDIC's Rules and Regulations. Any person who discloses or uses non-public information except as expressly permitted by the FDIC or as provided by the FDIC's regulations may be subject to the criminal penalties provided in 18 U.S.C. § 641. The Agencies have requested assistance from the National Association of Insurance Commissioners in notifying insurance companies that requests for CAMELS ratings should be discontinued due to the confidential nature of the rating. Michael J. Zamorski Director Division of Supervision and Consumer Protection |
Additional Related Topics:
- Section 309.6 of the FDIC's Rules and Regulations