40 Pa. Stat. § 323.5a

Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 323.5a - Annual Examination and Analysis Report.
(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.
(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), 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.
(ii) Section 807-A.
(iii) Section 1402.
(iv) Section 1405.
(5) The solvency monitoring of companies under any of the following:
(i) Section 507-A.
(ii) Section 506-B.
(iii) Section 2607 of "The Insurance Company Law of 1921."
(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), 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.

40 P.S. § 323.5a

Added by P.L. TBD 2018 No. 41, § 2, eff. 7/23/2018.