PRINTER'S NO. 1981
No. 1660 Session of 1995
INTRODUCED BY NICKOL, MICOZZIE, COLAFELLA, GANNON, COLAIZZO,
DEMPSEY, SCHRODER, TANGRETTI, GODSHALL, SATHER, GEIST,
CHADWICK, ARMSTRONG, E. Z. TAYLOR, TRELLO, CLARK, HENNESSEY,
CORRIGAN, PETTIT, LYNCH, BATTISTO, SERAFINI, RUBLEY, SAYLOR,
RAMOS, ZIMMERMAN, WAUGH AND PHILLIPS, MAY 24, 1995
REFERRED TO COMMITTEE ON INSURANCE, MAY 24, 1995
AN ACT
1 Providing for the effectiveness of statutes subjecting an
2 insurance company to requirements promulgated by the National
3 Association of Insurance Commissioners; and making repeals.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Definitions.
7 The following words and phrases when used in this act shall
8 have the meanings given to them in this section unless the
9 context clearly indicates otherwise:
10 "Insurance company." The term shall have the meaning given
11 to it under the act of May 17, 1921 (P.L.682, No.284), known as
12 The Insurance Company Law of 1921.
13 Section 2. Statute requiring compliance by insurance company.
14 (a) Effectiveness.--Any part of a statute which requires
15 compliance by an insurance company with any requirement or
16 procedure established or promulgated by the National Association
17 of Insurance Commissioners or which incorporates by reference
1 any standard, method of computation or calculation prescribed by
2 the National Association of Insurance Commissioners the result
3 of which is to be applied to an insurance company or which may
4 subject an insurance company to administrative action shall not
5 be effective unless:
6 (1) the Insurance Department has adopted the
7 requirement, procedure, standard, method of computation or
8 calculation by regulation; or
9 (2) the Insurance Department has adopted the
10 requirement, procedure, standard, method of computation or
11 calculation by notice in the Pennsylvania Bulletin after
12 review by a task force consisting of department and insurance
13 industry representatives when by reason of subject matter or
14 time constraints, the full regulatory review process under
15 the act of June 25, 1982 (P.L.633, No.181), known as the
16 Regulatory Review Act, is not appropriate.
17 (b) Task force.--The task force under subsection (a) shall
18 consider the same criteria as would the Independent Regulatory
19 Review Commission for a final-form regulation under the
20 Regulatory Review Act. Failure of a task force to agree that the
21 requirement, procedure, standard, method of computation or
22 calculation should be adopted by notice in the Pennsylvania
23 Bulletin shall automatically invoke the procedure required for
24 rulemaking under the Regulatory Review Act.
25 Section 3. Rules and regulations.
26 The Insurance Department shall promulgate rules and
27 regulations to carry out the provisions of this act.
28 Section 4. Repeals.
29 The following acts and parts of acts are repealed insofar as
30 they are inconsistent with this act:
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1 Act of April 9, 1929 (P.L.343, No.176), known as The Fiscal
2 Code.
3 Act of July 31, 1968 (P.L.769, No.240), referred to as the
4 Commonwealth Documents Law.
5 Act of October 15, 1980 (P.L.950, No.164), known as the
6 Commonwealth Attorneys Act.
7 Act of June 25, 1982 (P.L.633, No.181), known as the
8 Regulatory Review Act.
9 Section 5. Effective date.
10 This act shall take effect in 60 days.
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