Section 991.1710 - Prevention of insolvencies(a) To aid in the detection and prevention of member insurer insolvencies or impairments, it shall be the duty of the commissioner: (1) To notify the commissioners of all the other states, territories of the United States and the District of Columbia within thirty (30) days following the action taken or the date the action occurs, when the commissioner takes any of the following actions against a member insurer: (i) revocation of license or certificate of authority;(ii) suspension of license or certificate of authority; or(iii) makes any formal order that such member insurer restrict its premium writing, obtain additional contributions to surplus, withdraw from the Commonwealth, reinsure all or any part of its business or increase capital, surplus or any other account for the security of policy owners, contract owners, certificate holders or creditors. (2) To report to the board of directors when the commissioner has taken any of the actions set forth in paragraph (1) or has received a report from any other commissioner indicating that any such action has been taken in another state. Such report to the board of directors shall contain all significant details of the action taken or the report received from another commissioner.(3) To report to the board of directors when the commissioner has reasonable cause to believe from any examination, whether completed or in process, of any member insurer that such member insurer may be an impaired or insolvent insurer.(4) To furnish to the board of directors the National Association of Insurance Commissioners' (NAIC) Insurance Regulatory Information System (IRIS) ratios and listing of companies not included in the ratios developed by the National Association of Insurance Commissioners, and the board may use the information contained therein in carrying out its duties and responsibilities under this section. Such report and the information contained therein shall be kept confidential by the board of directors until such time as made public by the commissioner or other lawful authority.(b) The commissioner may seek the advice and recommendations of the board of directors concerning any matter affecting the duties and responsibilities of the commissioner regarding the financial condition of member insurers and insurers, RANLI PPOs, hospital plan corporations, professional health services plan corporations or health maintenance organizations seeking admission to transact business in this Commonwealth.(c) The board of directors may, upon majority vote, make reports and recommendations to the commissioner upon any matter germane to the solvency, liquidation, rehabilitation or conservation of any member insurer or germane to the solvency of any insurers, RANLI PPOs, hospital plan corporations, professional health services plan corporations or health maintenance organizations seeking to do business in this Commonwealth. Such reports and recommendations shall not be considered public documents.(d) The board of directors may, upon majority vote, notify the commissioner of any information indicating a member insurer may be an impaired or insolvent insurer. (e) The board of directors may, upon majority vote, make recommendations to the commissioner for the detection and prevention of member insurer insolvencies. Amended by P.L. TBD 2020 No. 113, § 3, eff. 11/3/2020.1921, May 17, P.L. 682, No. 284, art. XVII, § 1710, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, imd. effective.