Title 31—INSURANCE
INSURANCE DEPARTMENT
[ 31 PA. CODE CH. 147 ] [ Correction ]
Annual Audited Insurers' Financial Report Required Errors occurred in the final-form rulemaking which appeared at 39 Pa.B. 5730, 5735 (October 3, 2009) in § 147.6 (relating to recognition, qualification and responsibilities of an independent certified public accountant). The correct version of § 147.6(h) and (j) is as follows, with ellipses referring to the existing text of the regulations.
§ 147.6. Recognition, qualification and responsibilities of an independent certified public accountant.
* * * * * (h) The following provisions apply to applications for relief and exemptions.
(1) An insurer may apply to the Commissioner for relief from subsection (b)(5) or subsection (d), or both, on the basis of unusual circumstances. In determining whether relief should be granted, the Commissioner may consider the following factors:
(i) The number of partners, the expertise of the partners or the number of insurance or continuing care provider clients in the currently registered firm.
(ii) The premium volume of the insurer or revenue volume of the continuing care provider.
(iii) The number of jurisdictions in which the insurer transacts business.
(2) If relief is granted, the insurer shall include a copy of the granted relief with its audited financial report filed under § 147.3(a) (relating to filing and extensions for filing required reports and communications).
(3) An insurer with direct written and assumed premium less than $100,000,000 in a calendar year may apply for exemption from subsection (b)(6) on the basis of financial or organizational hardship under § 147.13(g) (relating to effective date and exemption).
(4) The requirements of subsection (b)(5) and (6) and subsections (e), (f) and (g) do not apply to continuing care providers.
(i) The Commissioner will not recognize as a qualified independent certified public accountant, nor accept an annual audited financial report prepared in whole or in part by a natural person who meets one of the following conditions:
(1) The person has been convicted of fraud, bribery, a violation of 18 U.S.C.A. Chapter 96 (relating to the Racketeer Influenced and Corrupt Organizations) or any dishonest conduct or practice under Federal or state law.
(2) The person has been found to have violated the insurance laws of the Commonwealth with respect to previous reports submitted under this chapter.
(3) The person has demonstrated a pattern or practice of failing to detect or disclose material information in previous reports filed under this chapter.
(j) The Commissioner may hold a hearing in accordance with 2 Pa.C.S. §§ 501—508 and 701—704 (relating to Administrative Agency Law) and Chapters 56 and 57 (relating to special rules of administrative practice and procedure; and publication of citations and notice of hearings) to determine whether a certified public accountant is qualified and, considering the evidence presented, may rule that the accountant is not independent or qualified, or both, for purposes of expressing an opinion on the financial statements in the audited financial report made under this chapter and may require the insurer to replace the certified public accountant.
[Pa.B. Doc. No. 09-1831. Filed for public inspection October 2, 2009, 9:00 a.m.]
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