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§ 991.2607. Third-party consultants

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: January 1, 2015

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 2. Insurance Companies (Refs & Annos)
Article XXVI. Risk Management and Own Risk Solvency Assessment
Effective: January 1, 2015
40 P.S. § 991.2607
§ 991.2607. Third-party consultants
(a) Authorization.--The department may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the department's staff as may be reasonably necessary to assist the department in reviewing the risk management framework, ORSA, ORSA summary report or the insurer's compliance with this article.
(b) Control.--Any persons retained under subsection (a) shall be under the direction and control of the department and shall act in a purely advisory capacity.
(c) Confidentiality.--Third-party consultants shall be subject to the same confidentiality standards and requirements as the department.
(d) Verification.--As part of the retention process, a third-party consultant shall verify to the department, with notice to the insurer, that it is free of a conflict of interest and that it has internal procedures in place to monitor compliance with a conflict and to comply with the confidentiality standards and requirements of this act.
(e) Written consent.--A retention agreement with a third-party consultant shall expressly require the written consent of the insurer prior to making public information provided under this act, as required under section 2608(a).1

Credits

1921, May 17, P.L. 682, No. 284, art. XXVI, § 2607, added 2013, Oct. 25, P.L. 656, No. 78, § 2, effective Jan. 1, 2015.

Footnotes

40 P.S. § 991.2608.
40 P.S. § 991.2607, PA ST 40 P.S. § 991.2607
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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