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§ 323.5a. Annual examination and analysis report

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: July 23, 2018

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 1. Insurance Department (Refs & Annos)
Article IX. Examinations (Refs & Annos)
Effective: July 23, 2018
40 P.S. § 323.5a
§ 323.5a. Annual examination and analysis report
<Section 6 of Act 2018, June 22, P.L. 273, No. 41, effective in 30 days [July 23, 2018], provides that the provisions of 40 P.S. § 323.5a shall apply to examinations commencing at least 30 days after the effective date of this section.>
(a) Within thirty days of the end of each fiscal year, the department shall publish a report setting forth, for the immediately prior fiscal year, the total amount of money billed to companies by the department and its contractors retained in each of the following categories:
(1) Financial examinations conducted under section 904.1
(2) Market conduct examinations conducted under section 904.
(3) Examinations conducted under section 1406 of the act of May 17, 1921 (P.L. 682, No. 284),2 known as The Insurance Company Law of 1921.
(4) The review of transactions under any of the following sections of The Insurance Company Law of 1921:
(i) Section 803-A.3
(ii) Section 807-A.4
(iii) Section 1402.5
(iv) Section 1405.6
(5) The solvency monitoring of companies under any of the following:
(i) Section 507-A.7
(ii) Section 506-B.8
(iii) Section 2607 of The Insurance Company Law of 1921.9
(6) Other subsequently enacted statutory provisions that provide for the retention of third-party consultants.
(b) The report under this section must:
(1) separately list the identity of each contractor retained by the department and the amount of money billed by the contractor to companies;
(2) disclose the total amount of deposits into the Insurance Regulation and Oversight Fund under section 4(a)(3) of the act of July 2, 2013 (P.L. 255, No. 46),10 known as the Insurance Regulation and Oversight Fund Act, as a result of financial and market regulation activities for which regulated entities are responsible to pay; and
(3) include an analysis of the effectiveness of the procedures under this article and recommendations to further improve the efficiency and transparency of the examination processes.

Credits

1921, May 17, P.L. 789, No. 285, art. IX, § 905.1, added 2018, June 22, P.L. 273, No. 41, § 2, effective in 30 days [July 23, 2018].

Footnotes

40 P.S. § 323.4.
40 P.S. § 991.1406.
40 P.S. § 913-A.
40 P.S. § 917-A.
40 P.S. § 991.1402.
40 P.S. § 991.1405.
40 P.S. § 221.7-A.
40 P.S. § 221.6-B.
40 P.S. § 991.2607.
40 P.S. § 4304.
40 P.S. § 323.5a, PA ST 40 P.S. § 323.5a
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
End of Document