|Posted:||October 3, 2017 09:16 AM|
|From:||Representative Tina Pickett|
|To:||All House members|
|Subject:||Financial Examination Best Practices|
|In the near future, I will be introducing legislation to require the Pennsylvania Insurance Department to formalize their exam process with best practices. Department officials and industry worked out the language to ensure both parties follow best practices throughout the examination process.
The legislation will formalize a scheduling conference and a presentation of a detailed budget, as the insurance companies pay for the exams costs. The purpose is to provide an effective and efficient system for examining the activities, operations financial condition and affairs of the insurers.
The bill requires an itemized detail of charges for examination costs. The Department will publish an annual report detailing the amount of money billed to companies by the Department and its contractors retained in conducting examinations.
Please join me in co-sponsoring this legislation.
Introduced as HB1851