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§ 323.6. Conflict of interest

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance

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)
40 P.S. § 323.6
§ 323.6. Conflict of interest
Currentness
(a) No examiner may be appointed by the commissioner if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this article. This section shall not be construed to automatically preclude an examiner from being:
(1) a policyholder or claimant under an insurance policy;
(2) a grantor of a mortgage or similar instrument on such examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business;
(3) an investment owner in shares of regulated diversified investment companies; or
(4) a settlor or beneficiary of a “blind trust” into which any otherwise impermissible holdings have been placed.
(b) Notwithstanding the requirements of this section, the department may retain from time to time, on an individual basis, qualified actuaries, certified public accountants or other similar individuals who are independently practicing their professions, even though these persons may from time to time be similarly employed or retained by persons subject to examination under this article.

Credits

1921, May 17, P.L. 789, No. 285, art. IX, § 906, added 1992, Dec. 18, P.L. 1496, No. 177, § 12, effective in 120 days.
40 P.S. § 323.6, PA ST 40 P.S. § 323.6
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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