Bill Text: PA HB911 | 2009-2010 | Regular Session | Amended

---

Bill Title: Further providing for annual and other reports, penalties.

Spectrum: Moderate Partisan Bill (Democrat 5-1)

Status: (Engrossed - Dead) 2009-04-02 - Referred to BANKING AND INSURANCE [HB911 Detail]

Download: Pennsylvania-2009-HB911-Amended.html

---

PRIOR PRINTER'S NO. 1030 PRINTER'S NO. 1285
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 911 Session of2009
INTRODUCED BY DeLUCA, FRANKEL, SIPTROTH, WALKO AND DENLINGER, MARCH 12, 2009
AS AMENDED ON SECOND CONSIDERATION, HOUSE OF REPRESENTATIVES, MARCH 25, 2009
AN ACT
Amending the act of May 17, 1921 (P.L.682, No.284), entitled "An
act relating to insurance; amending, revising, and
consolidating the law providing for the incorporation of
insurance companies, and the regulation, supervision, and
protection of home and foreign insurance companies, Lloyds
associations, reciprocal and inter-insurance exchanges, and
fire insurance rating bureaus, and the regulation and
supervision of insurance carried by such companies,
associations, and exchanges, including insurance carried by
the State Workmen's Insurance Fund; providing penalties; and
repealing existing laws," further providing for annual and
other reports, penalties.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 320(d) of the act of May 17, 1921
(P.L.682, No.284), known as The Insurance Company Law of 1921,
amended February 17, 1994 (P.L.92, No.9) is amended to read:
Section 320. Annual and Other Reports; Penalties.--* * *
(d) [All financial analysis ratios and examination synopses
concerning insurance companies that are submitted to the
Insurance Department by the National Association of Insurance
Commissioners' Insurance Regulatory Information System are
confidential and may not be disclosed by the Insurance
Department. Work products developed by Insurance Department
staff in conducting financial analyses of financial statements
filed pursuant to this section are confidential and shall not be
disclosed by the Insurance Department.]
(1) The following documents, materials and information shall
be confidential and privileged, and shall not be subject to
subpoena, discovery or the act of February 14, 2008 (P.L.6,
No.3) known as the "Right-to-Know Law," or admissible as
evidence in any private civil action:
(i) Documents, materials or other information prepared or
provided by an insurance company, association or exchange solely
in support of the statement of actuarial opinion filed under
this section, including actuarial reports, work papers or
actuarial opinion summaries and any other material solely
prepared by the insurance company, association or exchange for
the purpose of providing it to the Insurance Department in
connection with actuarial reports, work papers or actuarial
opinion summaries.
(ii) Financial analysis ratios, analyst team reports and
other financial analytical results concerning insurance
companies, associations and exchanges that are provided to the
Insurance Department by the National Association of Insurance
Commissioners.
(iii) Additional work products, documents, materials or
information produced by, obtained by or provided to the
Insurance Department in the course of conducting financial
analyses of financial statements filed under this section.
(2) The protections established in paragraph (1)(i) and
(iii) shall also apply to the materials or drafts ofor copies of <--
20090HB0911PN1285 - 2 -
the materials when in possession of the insurance company,
association or exchange provided the materials or drafts were
prepared solely for the purpose of submitting the materials to
the Insurance Department. Documents, materials or information
provided to the Insurance Department under paragraph (1)(i) or
(iii) that would otherwise be available from original sources
shall not be immune from discovery from the original source and
use in a private civil action because the materials or drafts
were provided to the Insurance Department.
(3) Neither the Insurance Commissioner nor an individual or
person who receives documents, materials or information while
acting under the authority of the Insurance Commissioner shall
be permitted or required to testify in a private civil action
concerning any confidential documents, materials or information
covered by this section.
(4) No waiver of an applicable privilege or claim of
confidentiality in the documents, materials or information shall
occur as a result of disclosure to the Insurance Commissioner or
as a result of the Insurance Commissioner's sharing information
under sections 201-A and 202-A of the act of May 17, 1921
(P.L.789, No.285), known as "The Insurance Department Act of
1921".
(5) The Insurance Commissioner may use the documents,
materials or other information obtained or created under this
section in furtherance of a regulatory or legal action brought
as part of the Insurance Commissioner's official duties.
* * *
Section 2. This act shall take effect in 60 days.
20090HB0911PN1285 - 3 -