A measure introduced by Senator Dan Laughlin (R-Erie) that updates and streamlines reporting requirements for insurance companies in Pennsylvania was signed into law on Wednesday (October 24) by Governor Wolf.
Senate Bill 1205, enacted as Act 163 of 2018, requires insurance companies to provide specific information on their corporate structure, including a list of board members and their officers on an annual basis beginning in January 2020. This information will ensure that the Department of Insurance continues to meet the National Association of Insurance Commissioners-mandated requirement to conduct financial stability examinations of those companies doing business in Pennsylvania.
“For insurance companies, especially our smaller firms, this new law reduces the cumbersome burden associated with the financial stability examination, since much of the relevant material will be already provided to the Department of Insurance,” said Senator Laughlin. “The new law also includes provisions that will help Pennsylvania-based companies by increasing the parity between the reporting requirements they face and those imposed on out-of-state businesses.”