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PA Bulletin, Doc. No. 04-705

NOTICES

Officers Required to Certify Financial Statements; Notice 2004-03

[34 Pa.B. 2246]

   All Pennsylvania domiciled insurers (Life, Accident & Health, Property & Casualty, Title, Financial Guaranty, Mortgage Guaranty, Surety, Pennsylvania Fair Plan, State Workmen's Insurance Fund, Employers' Mutual Liability Association, Coal and Clay Mine Subsidence Insurance Fund, Joint Underwriting Association, Health Maintenance Organization, Health Plan Corporation, Hospital Plan Corporation, Professional Health Service Plan, Preferred Provider Organization, Fraternal Benefit Society or Beneficial Association; whether organized for profit or non-profit as a corporation, association, exchange, reciprocal or interinsurance exchange) are required to adhere to various Laws, Regulations, Financial Statement Filing Instructions/Checklists, NAIC's Accounting Practices and Procedures Manual and NAIC's Quarterly and Annual Statement Instructions when preparing and filing financial statements. Pursuant to various statutes and regulations (40 P. S. §§ 443(a)(1), 443(a)(2), 910.54(2), 991.2452(b), 991.2452(d), 1556.1 and 1561; 40 Pa.C.S. §§ 6125(a) and 6331; 31 Pa. Code §§ 152.21 and 301.81) Commissioner Koken issues Financial Statement Filing Instructions/Checklists, usually in December of each year. These Filing Instructions/Checklists are available on the Pennsylvania Insurance Department's Internet site at: www.ins.state.pa.us.

   During October 2003, the NAIC's Blanks (E) Task Force adopted changes to the Jurat Page by removing specified titles. It now allows insurers to add titles of Officers signing the Jurat Page of financial statements based on requirements of the State of Domicile. Concurrent with this change and as outlined under section ''New for 2004'' of the Filing Instructions/Checklist issued by Commissioner Koken on December 1, 2003, the following three Officers, or a person(s) performing similar functions, of Pennsylvania domiciled insurers are required to certify, on the Jurat Page, Quarterly and Annual Financial Statements filed with Pennsylvania Insurance Department, NAIC and other states.

1)  Chief Executive Officer

2)  Chief Financial Officer

3)  Corporate Secretary

   This requirement is effective with all future Quarterly and Annual Financial Statements filed beginning with the filing of March 31, 2004 Quarterly Financial Statements.

   Questions concerning this notice may be directed to Kaushik K. Patel, Chief, Financial Analysis Divi- sion, Bureau of Company Licensing and Financial Analysis, Office of Corporate and Financial Regulation, 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. 04-705. Filed for public inspection April 23, 2004, 9:00 a.m.]


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