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Pennsylvania State Senate
04/23/2024 03:51 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20170&cosponId=23244
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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: March 10, 2017 04:07 PM
From: Senator Daniel Laughlin
To: All Senate members
Subject: Transparency in Funding of Insurance Regulation and Oversight Fund Act and Costs Incurred Outside the Fund by Regulated Entities for Regulatory Oversight
 
In the near future, I will be introducing legislation to amend the Insurance Regulation and Oversight Fund Act. This legislation is intended to provide greater transparency to the General Assembly of the regulatory costs incurred by the 275 Pennsylvania domiciled insurers competing with the approximately 1,500 non-domestic insurers who are not subject to these costs.

The legislation requires the Insurance Department to annually report to the General Assembly and file the report on the Department’s website on:
  • The total amount of funds received and deposited into the Fund,
  • The total amount of funds paid by regulated entities directly to third party consultants selected by the Department to assist in: (1) financial conduct examinations; (2) market conduct examinations; (3) review of transactions required to be filed by regulated entities with the Department; and (4) solvency monitoring; and
  • To ensure the integrity of the contracting process with third party consultants, the identity of the third party consultants and amount of funds paid to each third party consultant utilized for such purposes.

This report assists the General Assembly in evaluating the true cost of the Department’s mandated oversight responsibilities.

Introduced as SB956