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§ 991.1406a. Supervisory colleges

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: September 4, 2012

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: September 4, 2012
40 P.S. § 991.1406a
§ 991.1406a. Supervisory colleges
Currentness
(a) A supervisory college may be convened as a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates.
(b) The department may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including international, Federal and other state regulatory agencies, for any of the following reasons:
(1) To assess the enterprise risk, business strategy, legal, regulatory and financial position, risk exposure, risk management and governance processes of the insurer or its affiliates.
(2) As part of the examination of individual insurers in accordance with section 1406.1
(c) The department shall have the power to participate in a supervisory college for a domestic insurer, registered under section 1404,2 that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this article.
(d) The powers of the department regarding supervisory colleges include, but are not limited to, the following:
(1) Initiating the establishment of a supervisory college.
(2) Clarifying the membership and participation of other supervisors in the supervisory college.
(3) Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group supervisor.
(4) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities and processes for information sharing.
(5) Establishing a crisis management plan.
(e) The department may enter into agreements in accordance with sections 1406.2, 14073 and Article II-A of the act of May 17, 1921 (P.L. 789, No. 285),4 known as “The Insurance Department Act of 1921,” to provide the basis for sharing information between the department and other regulatory agencies. The department may also enter into agreements to share information and further coordinate the activities of the supervisory college pursuant to this section. Nothing in this section shall delegate to the supervisory college the authority of the department to regulate or supervise the insurer or its affiliates within its jurisdiction.
(f) A registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the department's participation in a supervisory college, including reasonable travel expenses.

Credits

1921, May 17, P.L. 682, No. 284, art. XIV, § 1406.1, added 2012, July 5, P.L. 1111, No. 136, § 7, effective in 60 days [Sept. 4, 2012].

Footnotes

1
40 P.S. § 991.1406.
2
40 P.S. § 991.1404.
3
40 P.S. §§ 991.1406b, 991.1407.
4
40 P.S. § 65.1-A et seq.
40 P.S. § 991.1406a, PA ST 40 P.S. § 991.1406a
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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