31 Pa. Code § 147.3. Filing and extensions for filing required reports and communications.

§ 147.3. Filing and extensions for filing required reports and communications.

(a)  Every insurer, unless exempted by the Commissioner under §  147.13 (relating to effective date and exemption), shall have an annual audit performed by an independent certified public accountant and shall file as instructed by the Commissioner an audited financial report for that year on or before June 1 for the year ending December 31 immediately preceding unless an extension is granted under subsection (b). The Commissioner may require an insurer to file an audited financial report earlier than June 1 by providing 90 days’ advance notice to the insurer. The Commissioner may require audited financial reports and related information required under this chapter to be filed with the Department and the National Association of Insurance Commissioners in a form of electronic transmission acceptable to the Commissioner. Supplement information related to reporting required under this chapter is published in the NAIC Implementation Guide.
(b)  Extensions of the filing date may be granted by the Commissioner for 15-day periods upon showing, by the insurer and its independent certified public accountant, the reasons for requesting an extension by the Commissioner. The request for extension shall be submitted in writing at least 10 days prior to the due date in sufficient detail to permit the Commissioner to make an informed decision with respect to the requested extension. A 15-day extension of the filing date granted by the Commissioner for an audited financial report must provide for 15-day extensions of the filing dates for communication of internal control related matters noted in an audit under §  147.9a (relating to establishment and communication of internal control over financial reporting) and for management’s report of internal control over financial reporting under §  147.9b (relating to management’s report of internal control over financial reporting).
(c)  Subsections (a) and (b) do not apply to continuing care providers. In accordance with the law and regulations relating to continuing care providers, each continuing care provider shall have an annual audit performed by an independent certified public accountant and shall file with the Commissioner an audited financial report for that year within 4 months following the end of the provider’s fiscal year.
(d)  Audited financial reports filed as instructed by the Commissioner will be open to the public for examination and inspection.

Authority

   The provisions of this §  147.3 amended under the authority of sections 206, 506, 1501 and 1502 of The Administrative Code of 1929 (71 P.S. § §  66, 186, 411 and 412); sections 320, 630, 1007 and 2452 of The Insurance Company Law of 1921 (40 P.S. § §  443, 764a, 967 and 991.2452); sections 205 and 206 of The Pennsylvania Fair Plan Act (40 P.S. § §  1600.205 and 1600.206); section 731 of the Medical Care Availability and Reduction of Error (MCARE) Act (40 P.S. §  1303.731); 40 Pa.C.S. § §  6125, 6331 and 6701; sections 11 and 14 of the Health Maintenance Organization Act (40 P.S. § §  1561 and 1564); and sections 7 and 25 of the Continuing-Care Provider Registration and Disclosure Act (40 P.S. § §  3207 and 3225).

Source

   The provisions of this §  147.3 amended November 10, 1995, effective November 11, 1995, 25 Pa.B. 4785; amended August 20, 2004, effective August 21, 2004, 34 Pa.B. 4591; amended October 2, 2009, effective October 3, 2009, 39 Pa.B. 5730. Immediately preceding text appears at serial pages (305321) to (305322).

Cross References

   This section cited in 31 Pa. Code §  147.6 (relating to recognition, qualification and responsibilities of an independent certified public accountant); and 31 Pa. Code §  147.13 (relating to effective date and exemption).

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