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Pennsylvania Statutes Title 40 P.S. Insurance § 323.5a. Annual examination and analysis report

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. § 323.5a shall apply to examinations commencing at least 30 days after the effective date of this section.>

(a) Within thirty days of the end of each fiscal year, the department shall publish a report setting forth, for the immediately prior fiscal year, the total amount of money billed to companies by the department and its contractors retained in each of the following categories:

(1) Financial examinations conducted under section 904.  1

(2) Market conduct examinations conducted under section 904.

(3) Examinations conducted under section 1406 of the act of May 17, 1921 (P.L. 682, No. 284),  2 known as The Insurance Company Law of 1921.

(4) The review of transactions under any of the following sections of The Insurance Company Law of 1921:

(i) Section 803-A.  3

(ii) Section 807-A.  4

(iii) Section 1402.  5

(iv) Section 1405.  6

(5) The solvency monitoring of companies under any of the following:

(i) Section 507-A.  7

(ii) Section 506-B.  8

(iii) Section 2607 of The Insurance Company Law of 1921.  9

(6) Other subsequently enacted statutory provisions that provide for the retention of third-party consultants.

(b) The report under this section must:

(1) separately list the identity of each contractor retained by the department and the amount of money billed by the contractor to companies;

(2) disclose the total amount of deposits into the Insurance Regulation and Oversight Fund under section 4(a)(3) of the act of July 2, 2013 (P.L. 255, No. 46), [FN10] known as the Insurance Regulation and Oversight Fund Act, as a result of financial and market regulation activities for which regulated entities are responsible to pay; and

(3) include an analysis of the effectiveness of the procedures under this article and recommendations to further improve the efficiency and transparency of the examination processes.

1 40 P.S. § 323.4.
2 40 P.S. § 991.1406.
3 40 P.S. § 913-A.
4 40 P.S. § 917-A.
5 40 P.S. § 991.1402.
6 40 P.S. § 991.1405.
7 40 P.S. § 221.7-A.
8 40 P.S. § 221.6-B.
9 40 P.S. § 991.2607.
10 40 P.S. § 4304.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 323.5a. Annual examination and analysis report - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-323-5a/

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