The privilege set forth in Section 1 of this act shall not extend to any of the following:
1. Documents, communications, data, reports, or other information expressly required to be collected, developed, maintained, or reported to a regulatory agency pursuant to this act, or other federal or state law;
2. Information obtained by observation, monitoring or examination by any regulatory agency;
3. Information contained from a source independent of the insurance compliance audit; or 4. Documents and other material created or maintained in the ordinary course of the insurer’s business, specifically including communications between the insurer and insureds, individual claim files and any other similar documents which are currently discoverable under existing law.