NOTICES
INDEPENDENT REGULATORY REVIEW COMMISSION
Actions Taken by the Commission
[31 Pa.B. 4136] The Independent Regulatory Review Commission met publicly at 10:30 a.m., Thursday, July 12, 2001, and took the following actions:
Regulations deemed approved under section 5(g) of the Regulatory Review Act--Effective July 6, 2001
State Employees' Retirement Board #31-1: Retirement Contributions (amends 4 Pa. Code Chapters 243 and 245)
Regulations Approved:
Insurance Department #11-186: Discounting Workers' Compensation Loss Reserves (amends 31 Pa. Code Chapter 116)
Insurance Department #11-206: Privacy of Consumer Financial Information (adds Chapter 146a to 31 Pa. Code)
Commissioners Voting: John R. McGinley, Jr., Chairperson; Alvin C. Bush, Vice Chairperson; Arthur Coccodrilli; Robert J. Harbison, III; John F. Mizner, by phone
Public Meeting held
July 12, 2001Insurance Department--Discounting Workers' Compensation Loss Reserves; Regulation No. 11-186
On August 3, 1999, the Independent Regulatory Review Commission (Commission) received this proposed regulation from the Insurance Department (Department). This rulemaking amends 31 Pa. Code Chapter 116. The proposed regulation was published in the August 14, 1999 Pennsylvania Bulletin with a 30-day public comment period. The final-form regulation was submitted to the Commission on April 19, 2001. The Department, by letter received May 16, 2001, withdrew the regulation. The Department resubmitted a revised final-form regulation on June 14, 2001.
The Department is amending an existing, outdated regulation that contains specific standards for valuing and discounting workers' compensation insurance reserves. This rulemaking will replace those standards with basic parameters that recognize current economic and financial conditions.
We have determined this regulation is consistent with the statutory authority of the Department (71 P. S. § 186 and 40 P. S. §§ 92 and 112) and the intention of the General Assembly. Having considered all of the other criteria of the Regulatory Review Act, we find promulgation of this regulation is in the public interest.
By Order of the Commission:
This regulation is approved.
____Commissioners Voting: John R. McGinley, Jr., Chairperson; Alvin C. Bush, Vice Chairperson; Arthur Coccodrilli; Robert J. Harbison, III; John F. Mizner, by phone
Public Meeting held
July 12, 2001Insurance Department--Privacy of Consumer Financial Information; Regulation No. 11-206
On March 21, 2001, the Independent Regulatory Review Commission (Commission) received this proposed regulation from the Insurance Department (Department). This rulemaking adds Chapter 146a to 31 Pa. Code. The proposed regulation was published in the March 31, 2001, Pennsylvania Bulletin with a 30-day public comment period. The final-form regulation was submitted to the Commission on June 14, 2001.
This regulation requires initial and annual notices to customers of an insurance licensee that explain the licensee's privacy policies regarding disclosure of nonpublic personal financial information. The regulation also requires that the licensee's customers be given an opportunity to opt out of such disclosures to third parties.
We have determined this regulation is consistent with the statutory authority of the Department (40 P. S. § 1171.2) and the intention of the General Assembly. Having considered all of the other criteria of the Regula-tory Review Act, we find promulgation of this regulation is in the public interest.
By Order of the Commission:
This regulation is approved.
JOHN R. MCGINLEY, Jr.,
Chairperson
[Pa.B. Doc. No. 01-1395. Filed for public inspection July 27, 2001, 9:00 a.m.]
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