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Pennsylvania Statutes Title 40 Pa.C.S.A. Insurance § 9508. Annual audit

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) Annual audit.--The reinsurance program shall be examined and audited annually by an independent certified public accounting firm. The audit shall, at a minimum:

(1) Assess compliance with the requirements of this chapter.

(2) Identify any material weaknesses or significant deficiencies and identify and implement solutions to correct the material weaknesses or deficiencies.

(b) Sharing of audit.--By December 31 of each year, the department shall electronically share the audit of the preceding fiscal year required under subsection (a) and related documents by:

(1) Posting the following on the department's publicly accessible Internet website:

(i) The audit.

(ii) A summary of the audit, including any material weakness or significant deficiency identified and how the department intends to correct the material weakness or significant deficiency.

(2) Providing an electronic link to the posted audit under paragraph (1)(i) to the Secretary of the Senate and the Chief Clerk of the House of Representatives.

(c) Payment.--The cost of the annual audit required under subsection (a) shall be paid for from money in the Reinsurance Fund.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 Pa.C.S.A. Insurance § 9508. Annual audit - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-40-pacsa-insurance/pa-csa-sect-40-9508/

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