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PRINTER'S NO. 1335
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
956
Session of
2017
INTRODUCED BY LAUGHLIN, RESCHENTHALER, EICHELBERGER, MENSCH,
KILLION, WHITE AND HUTCHINSON, NOVEMBER 15, 2017
REFERRED TO BANKING AND INSURANCE, NOVEMBER 15, 2017
AN ACT
Amending the act of July 2, 2013 (P.L.255, No.46), entitled "An
act creating the Insurance Regulation and Oversight Fund; and
providing for its use," providing for annual report to
General Assembly.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The act of July 2, 2013 (P.L.255, No.46), known
as the Insurance Regulation and Oversight Fund Act, is amended
by adding a section to read:
Section 5.1. Annual report to General Assembly.
(a) Duty of department.--Within 30 days of the end of each
fiscal year, the department shall provide a report to the
General Assembly and post the report on the department's
publicly accessible Internet website that states the following
for the immediately preceding fiscal year:
(1) The total amount of deposits into the fund, by
deposit type, that derived from all fees, fines, penalties,
administrative charges, augmentations and reimbursements made
to the department by regulated entities as a result of
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financial and market regulation oversight activities for
which regulated entities are responsible for payment.
(2) The total amount of funds paid by regulated entities
directly to third-party consultants selected by the
department to assist the department in the performance of
each of the following four categories of financial and market
regulation oversight activities:
(i) Financial examinations under section 804 of the
act of May 17, 1921 (P.L.789, No.285), known as The
Insurance Department Act of 1921, and section 1406 of the
act of May 17, 1921 (P.L.682, No.284), known as The
Insurance Company Law of 1921.
(ii) Market conduct examinations under section 804
of The Insurance Department Act of 1921 and section 1406
of The Insurance Company Law of 1921.
(iii) The review of transactions required to be
filed by regulated entities with the department under the
authority provided in sections 803-A, 807-A, 1402 and
1405 of The Insurance Company Law of 1921.
(iv) Solvency monitoring of regulated entities under
section 507-A of The Insurance Department Act of 1921 and
section 2607 of The Insurance Company Law of 1921.
(3) The identity of the third-party consultants and
amount of funds paid to each third-party consultant under
each of the four categories of regulatory oversight.
(b) Coverage for first report.--The first report from the
department to the General Assembly shall include information for
each of the five immediately preceding fiscal years.
Section 2. This act shall take effect in 60 days.
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