PRINTER'S NO.  1030

  

THE GENERAL ASSEMBLY OF PENNSYLVANIA

  

HOUSE BILL

 

No.

911

Session of

2009

  

  

INTRODUCED BY DeLUCA, FRANKEL, SIPTROTH AND WALKO, MARCH 12, 2009

  

  

REFERRED TO COMMITTEE ON INSURANCE, MARCH 12, 2009  

  

  

  

AN ACT

  

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

 


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,

- 2 -

 


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.

- 3 -