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§ 991.1403a. Committee review

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: July 9, 2008

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 2. Insurance Companies (Refs & Annos)
Article XIV. Insurance Holding Companies (Refs & Annos)
Effective: July 9, 2008
40 P.S. § 991.1403a
§ 991.1403a. Committee review
Currentness
(a) The Banking and Insurance Committee of the Senate and the Insurance Committee of the House of Representatives may review an application or statement submitted by a hospital plan corporation or professional health services plan corporation seeking the approval of a merger, consolidation or other acquisition of control of a hospital plan corporation or professional health services plan corporation under this act.
(b) The Banking and Insurance Committee of the Senate and the Insurance Committee of the House of Representatives shall have the following powers and duties:
(1) To convene the committee for purposes of reviewing an application for approval of a merger, consolidation or other acquisition of control under this section.
(2) To receive and review all filings submitted to the department relating to the merger, consolidation or other acquisition of control and all accompanying data and other information. This paragraph shall not apply to information deemed confidential or proprietary by the department.
(3) To consult experts, hold hearings and obtain additional information relating to the merger, consolidation or other acquisition of control.
(4) To develop written comments and recommendations on the merger, consolidation or acquisition of control and submit them to the department within forty-five (45) days of the close of the public comment period established under this paragraph, developed by the department on the merger, consolidation or other acquisition of control. The department shall publish the date of the close of the public comment period in the Pennsylvania Bulletin prior to final closure of the public comment period. The department may issue a final order and determination on or after one hundred five (105) days following the public comment period.
(c) The commissioner, the department and its attorneys and experts, including experts employed or retained by the department, shall be available to provide testimony to each committee relating to the merger, consolidation or other acquisition of control. Nothing in this act shall affect any privileges or immunities of the department or its attorneys, experts or consultants. The department or its attorneys, experts or consultants shall not be required to appear before either committee within thirty (30) days following the department's issuance of a final order and determination.
(d) The department shall provide a detailed written response to each comment and recommendation submitted by the Banking and Insurance Committee of the Senate or the Insurance Committee of the House of Representatives in its final order. The order and determination shall not be issued before sixty (60) days have elapsed following receipt of the comments and recommendations under subsection (b)(4).
(e) If no comments and recommendations are received under subsection (b)(4), the department may issue a final order and determination on or after one hundred five (105) days following the close of the public comment period.

Credits

1921, May 17, P.L. 682, No. 284, art. XIV, § 1403.1, added 2008, July 9, P.L. 885, No. 62, § 7, imd. effective.
40 P.S. § 991.1403a, PA ST 40 P.S. § 991.1403a
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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