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PA Bulletin, Doc. No. 02-1913

NOTICES

Hard Copy Filings of Financial Statements Discontinued in Pennsylvania; Replaced by Affidavit of Filing and Financial Statement Attestation; Notice No. 2002-12

[32 Pa.B. 5359]

   The Insurance Department (Department) announces that foreign and alien insurers licensed to transact business in this Commonwealth (insurers) are no longer required to file hard copies of financial statements and related filings with the Department. Beginning with the 2002 Annual Statement, insurers may file both of the following:

   1.  Entire financial statements and related filings with the National Association of Insurance Commissioners (NAIC) in electronic and other formats as may be required by the NAIC. However, as in the past, insurers are not required to make filings in electronic format with the Department.

   2.  Only the NAIC Affidavit of Filing and Financial Statement Attestation (Affidavit) in hard copy form with the Department.

   The signature requirements for the Affidavit are the same as the requirements for financial statement jurat pages. Consistent with past instructions for financial statement filings with the Department, a photocopy of the original signed Affidavit is acceptable. A new Affidavit is required for any refiled or amended financial statements and related filings. The date an Affidavit is received by the Department will be used to determine compliance with applicable statutory due dates and filing requirements. The filing fees for financial statements and related filings have not changed as a result of the elimination of the requirement to file hard copy financial statements with the Department. The Department will continue to bill insurers for filing fees and any penalties assessed for late filings.

   Additional instructions for Affidavit filings will be included in the Department's financial statement filing instructions to be issued in December. All financial statement instructions and related information, including the Affidavit form, will be available on the Department's website at www.insurance.state.pa.us.

   Questions concerning this notice may be directed to Kaushik K. Patel, Chief, Financial Analysis Division, Bureau of Company Licensing and Financial Analysis, Office of Regulation of Companies, Insurance Department, 1345 Strawberry Square, Harrisburg, PA 17120, (717) 787-5890, fax (717) 787-8557, e-mail ra-in-analysis@state.pa.us.

M. DIANE KOKEN,   
Insurance Commissioner

[Pa.B. Doc. No. 02-1913. Filed for public inspection October 25, 2002, 9:00 a.m.]


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