374.018.  Issuance of no-action letters by director — definitions — effect of letters — duty of department — letters not public records. — 1.  For purposes of this section, "no-action letter" shall mean a letter that states the intention of the department to not take enforcement actions under section 374.046 with respect to the requesting insurer, based on the specific facts then presented and applicable law, as of the date a no-action letter is issued.

  2.  For purposes of this section, "insurer" shall mean all insurance companies organized, incorporated, or doing business under the provisions of chapter^* 354, 376, 379, or 380.

  3.  Notwithstanding any law to the contrary, the director may at his or her discretion issue no-action letters addressing the business of insurance in this state.

  4.  No-action letters shall not be considered statements of general applicability that would require promulgation by rule.

  5.  Insurers who seek guidance may submit a written request for a no-action letter to the department.

  6.  An insurer is under an affirmative obligation to make full, true, and accurate disclosure of all information related to the activities for which the no-action letter is requested.  Each request shall be accompanied by all relevant supplementary information including, but not limited to, background information regarding the request, policies, procedures, and applicable marketing materials.  Each request shall also include complete copies of documents, and shall identify all provisions of law applicable to the request.

  7.  The insurer requesting the no-action letter shall provide the department with any additional information or documents the department requests for its review of the matter.

  8.  The insurer may withdraw the request for a no-action letter prior to the issuance of the no-action letter.

  9.  The department shall act on the no-action letter request within ninety days after it receives all information necessary to complete its review.

  10.  At the completion of its review of a request for a no-action letter the department shall do one of the following:

  (1)  Issue a no-action letter;

  (2)  Decline to issue a no-action letter; or

  (3)  Take such other action as the department considers appropriate.

  11.  A no-action letter shall be effective as of the date it is issued.

  12.  As long as there is no change in any material fact or law or the discovery of a material misrepresentation or omission made by the insurer, the department is estopped from bringing any enforcement action under section 374.046 against the requesting insurer concerning the specific conduct that is the subject of the no-action letter issued by the department.  However, this estoppel shall not apply to those enforcement actions related to the financial condition of the insurer.  The determination of materiality shall be in the sole discretion of the director.

  13.  A no-action letter request shall not be a public record as defined in chapter 610 until the date of issuance by the department of a response to the no-action letter request.  The request for a no-action letter and the department's response shall, after the date of issuance by the department, be considered a public record as defined in chapter 610.  Upon request of the insurer, information submitted with a request for a no-action letter as required under this section that contains proprietary or trade secret information as defined in sections 417.450 to 417.467 shall not be considered a public record.