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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| HOUSE BILL |
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| INTRODUCED BY DeLUCA, FRANKEL, SIPTROTH AND WALKO, MARCH 12, 2009 |
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| REFERRED TO COMMITTEE ON INSURANCE, MARCH 12, 2009 |
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| AN ACT |
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1 | Amending the act of May 17, 1921 (P.L.682, No.284), entitled "An |
2 | act relating to insurance; amending, revising, and |
3 | consolidating the law providing for the incorporation of |
4 | insurance companies, and the regulation, supervision, and |
5 | protection of home and foreign insurance companies, Lloyds |
6 | associations, reciprocal and inter-insurance exchanges, and |
7 | fire insurance rating bureaus, and the regulation and |
8 | supervision of insurance carried by such companies, |
9 | associations, and exchanges, including insurance carried by |
10 | the State Workmen's Insurance Fund; providing penalties; and |
11 | repealing existing laws," further providing for annual and |
12 | other reports, penalties. |
13 | The General Assembly of the Commonwealth of Pennsylvania |
14 | hereby enacts as follows: |
15 | Section 1. Section 320(d) of the act of May 17, 1921 |
16 | (P.L.682, No.284), known as The Insurance Company Law of 1921, |
17 | amended February 17, 1994 (P.L.92, No.9) is amended to read: |
18 | Section 320. Annual and Other Reports; Penalties.--* * * |
19 | (d) [All financial analysis ratios and examination synopses |
20 | concerning insurance companies that are submitted to the |
21 | Insurance Department by the National Association of Insurance |
22 | Commissioners' Insurance Regulatory Information System are |
23 | confidential and may not be disclosed by the Insurance |
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1 | Department. Work products developed by Insurance Department |
2 | staff in conducting financial analyses of financial statements |
3 | filed pursuant to this section are confidential and shall not be |
4 | disclosed by the Insurance Department.] |
5 | (1) The following documents, materials and information shall |
6 | be confidential and privileged, and shall not be subject to |
7 | subpoena, discovery or the act of February 14, 2008 (P.L.6, |
8 | No.3) known as the "Right-to-Know Law," or admissible as |
9 | evidence in any private civil action: |
10 | (i) Documents, materials or other information prepared or |
11 | provided by an insurance company, association or exchange solely |
12 | in support of the statement of actuarial opinion filed under |
13 | this section, including actuarial reports, work papers or |
14 | actuarial opinion summaries and any other material solely |
15 | prepared by the insurance company, association or exchange for |
16 | the purpose of providing it to the Insurance Department in |
17 | connection with actuarial reports, work papers or actuarial |
18 | opinion summaries. |
19 | (ii) Financial analysis ratios, analyst team reports and |
20 | other financial analytical results concerning insurance |
21 | companies, associations and exchanges that are provided to the |
22 | Insurance Department by the National Association of Insurance |
23 | Commissioners. |
24 | (iii) Additional work products, documents, materials or |
25 | information produced by, obtained by or provided to the |
26 | Insurance Department in the course of conducting financial |
27 | analyses of financial statements filed under this section. |
28 | (2) The protections established in paragraph (1)(i) and |
29 | (iii) shall also apply to the materials or drafts of copies of |
30 | the materials when in possession of the insurance company, |
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1 | association or exchange provided the materials or drafts were |
2 | prepared solely for the purpose of submitting the materials to |
3 | the Insurance Department. Documents, materials or information |
4 | provided to the Insurance Department under paragraph (1)(i) or |
5 | (iii) that would otherwise be available from original sources |
6 | shall not be immune from discovery from the original source and |
7 | use in a private civil action because the materials or drafts |
8 | were provided to the Insurance Department. |
9 | (3) Neither the Insurance Commissioner nor an individual or |
10 | person who receives documents, materials or information while |
11 | acting under the authority of the Insurance Commissioner shall |
12 | be permitted or required to testify in a private civil action |
13 | concerning any confidential documents, materials or information |
14 | covered by this section. |
15 | (4) No waiver of an applicable privilege or claim of |
16 | confidentiality in the documents, materials or information shall |
17 | occur as a result of disclosure to the Insurance Commissioner or |
18 | as a result of the Insurance Commissioner's sharing information |
19 | under sections 201-A and 202-A of the act of May 17, 1921 |
20 | (P.L.789, No.285), known as "The Insurance Department Act of |
21 | 1921". |
22 | (5) The Insurance Commissioner may use the documents, |
23 | materials or other information obtained or created under this |
24 | section in furtherance of a regulatory or legal action brought |
25 | as part of the Insurance Commissioner's official duties. |
26 | * * * |
27 | Section 2. This act shall take effect in 60 days. |
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