Bill Text: PA HB522 | 2009-2010 | Regular Session | Introduced

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Bill Title: Further providing for annual and other reports and penalties.

Spectrum: Slight Partisan Bill (Democrat 5-3)

Status: (Introduced - Dead) 2009-02-19 - Referred to INSURANCE [HB522 Detail]

Download: Pennsylvania-2009-HB522-Introduced.html

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PRINTER'S NO. 574
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 522 Session of2009
INTRODUCED BY DeLUCA, DENLINGER, FRANKEL, JOSEPHS, SIPTROTH, WALKO AND GEIST, FEBRUARY 19, 2009
REFERRED TO COMMITTEE ON INSURANCE, FEBRUARY 19, 2009
AN ACT
Amending the act of May 17, 1921 (P.L.682, No.284), entitled "An
act relating to insurance; amending, revising, and
consolidating the law providing for the incorporation of
insurance companies, and the regulation, supervision, and
protection of home and foreign insurance companies, Lloyds
associations, reciprocal and inter-insurance exchanges, and
fire insurance rating bureaus, and the regulation and
supervision of insurance carried by such companies,
associations, and exchanges, including insurance carried by
the State Workmen's Insurance Fund; providing penalties; and
repealing existing laws," further providing for annual and
other reports and penalties.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 320 of the act of May 17, 1921 (P.L.682,
No.284), known as The Insurance Company Law of 1921, amended
December 18, 1992 (P.L.1519, No.178) and February 17, 1994 (P.L.
92, No.9), is amended to read:
Section 320. Annual and Other Reports; Penalties.--(a) (1)
Every stock and mutual insurance company, association, and
exchange, doing business in this Commonwealth, shall annually,
on or before the first day of March, file in the office of the
Insurance Commissioner and with the National Association of
Insurance Commissioners a statement which shall exhibit its
financial condition on the thirty-first day of December of the
previous year, and its business of that year and shall, within
thirty days after requested by the Insurance Commissioner, file
with the Insurance Commissioner and with the National
Association of Insurance Commissioners such additional statement
or statements concerning its affairs and financial condition as
the Insurance Commissioner may, in his discretion, require. The
Insurance Commissioner shall require each insurance company
association and exchange to report its financial condition on
the statement convention blanks, in such form as adopted by the
National Association of Insurance Commissioners and shall, upon
written request, furnish such blanks for their convenience; and
may make such changes, from time to time, in the form of the
same as shall seem best adapted to elicit from them a true
exhibit of their financial condition.
(2) Unless otherwise provided by law, regulation or order of
the Insurance Commissioner, each insurance company, association
and exchange shall adhere to the annual or quarterly statement
instructions and the accounting practices and procedures manuals
prescribed by the National Association of Insurance
Commissioners. The Insurance Commissioner may require each
insurance company, association and exchange to file in the
office of the Insurance Commissioner and with the National
Association of Insurance Commissioners financial statements on
diskettes or other electronic information storage devices
acceptable to the Insurance Commissioner.
(b) Insurance companies of foreign governments, doing
business in this Commonwealth, shall be required to return only
the business done in the United States, and the assets held by
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and for them within the United States for the protection of
policyholders therein.
(c) In the absence of actual malice, members of the National
Association of Insurance Commissioners, their duly authorized
committees, subcommittees and task forces, their delegates and
employes and all others charged with the responsibility of
collecting, reviewing, analyzing and disseminating the
information developed from the filing of the annual statement
convention blanks shall be acting as agents of the Insurance
Commissioner under the authority of this act and shall not be
subject to civil liability for libel, slander or any other cause
of action by virtue of their collection, review and analysis or
dissemination of the data and information collected from the
filings required hereunder.
(d) [All financial analysis ratios and examination synopses
concerning insurance companies that are submitted to the
Insurance Department by the National Association of Insurance
Commissioners' Insurance Regulatory Information System are
confidential and may not be disclosed by the Insurance
Department. Work products developed by Insurance Department
staff in conducting financial analyses of financial statements
filed pursuant to this section are confidential and shall not be
disclosed by the Insurance Department.] (1) The following
documents, materials or information shall be confidential by law
and privileged, shall not be subject to subpoena, discovery or
the act of February 14, 2008 (P.L.6, No.3), known as the Right-
to-Know Law, or admissible in evidence in any private civil
action.
(i) All documents, materials or other information provided
by an insurance company, association or exchange in support of
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the statement of actuarial opinion filed under this section,
including actuarial reports, work papers or actuarial opinion
summaries and any other material provided by the insurance
company, association or exchange to the Insurance Department in
connection with actuarial reports, work papers or actuarial
opinion summaries.
(ii) All financial analysis ratios, analyst team reports and
other financial analytical results concerning insurance
companies, associations and exchanges that are provided to the
Insurance Department by the National Association of Insurance
Commissioners.
(iii) All additional work products, documents, materials or
information produced by, obtained by or provided to the
Insurance Department in the course of conducting financial
analyses of financial statements filed under this section.
(2) Neither the Insurance Commissioner nor any individual or
person who receives documents, materials or information while
acting under the authority of the Insurance Commissioner shall
be permitted or required to testify in any private civil action
concerning any confidential documents, materials or information
covered by this section.
(3) No waiver of any applicable privilege or claim of
confidentiality in the documents, materials or information shall
occur as a result of disclosure to the Insurance Commissioner or
as a result of the Insurance Commissioner sharing information in
conformance with sections 201-A and 202-A of the act of May 17,
1921 (P.L.789, No.285), known as "The Insurance Department Act
of 1921."
(4) The Insurance Commissioner may use the documents,
materials or other information obtained or created under this
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section in furtherance of any regulatory or legal action brought
as part of the Insurance Commissioner's official duties.
(e) (1) Any company, association, or exchange, which
neglects to make and file its annual statement, or other
statements that may be required, in the form or within the time
herein provided shall forfeit a sum not to exceed two hundred
dollars ($200) for each day during which such neglect continues,
and, upon notice by the commissioner, its authority to do new
business shall cease while such default continues.
(2) For wilfully making a false annual or other statement
required by law, an insurance company, association or exchange,
and the persons making oath to or subscribing the same, shall
severally be punished by a fine of not less than one thousand
dollars ($1,000) nor more than ten thousand dollars ($10,000). A
person who wilfully makes oath to such false statement shall be
guilty of perjury.
(3) The Insurance Commissioner may suspend, revoke or refuse
to renew the certificate of authority of any insurer failing to
file its annual statement when due.
Section 2. This act shall take effect in 60 days.
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