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Pennsylvania Statutes Title 40 P.S. Insurance § 323.4b. Budget estimate and revisions

Current as of January 01, 2025 | Updated by Findlaw Staff

<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. § 323.4b shall apply to examinations commencing at least 30 days after the effective date of this section.>

(a) No more than thirty days after the scheduling conference under section 904.1  1 has been conducted, the department shall provide the company with a detailed written budget estimate for the examination that must, for each forthcoming phase of the examination, as appropriate:

(1) Identify the individuals or firms performing the examination and their daily or hourly rates.

(2) Provide an estimate of travel, lodging, meal and other administrative or supply costs.

(3) Estimate the length of time to conduct on-site and off-site examination activities.

(b) Within fifteen days of receipt of a budget estimate under subsection (a), the company and the department shall have an additional discussion regarding the most efficient means of conducting the examination and producing information. If necessary, revisions of the budget estimate shall be made.

(c) The time periods under subsections (a) and (b) may be extended if the company and the department mutually agree to the extension.

(d) At any time during the examination, the department shall hold another scheduling conference with the company in accordance with section 904.1 and provide a revised budget estimate as set forth in subsection (a) if:

(1) the department determines that the cost of the examination will exceed the budget estimate by more than ten per centum; or

(2) there is a material change in staffing assignments.

1 40 P.S. § 323.4a.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 323.4b. Budget estimate and revisions - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-323-4b/

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