The Senate today (May 21) approved a measure introduced by Senator Dan Laughlin (R-Erie) that will increase government transparency by requiring the Department of Insurance to detail its spending for outside contractors.
Senate Bill 1031, which was unanimously approved by the Senate, requires the Department of Insurance to submit an annual report detailing its spending for third-party contractors to conduct fiscal examinations of insurance companies doing business in Pennsylvania.
“Fiscal inspections are an important safeguard for consumers, to ensure that insurance companies are financially responsible. And, it is understandable that the Department may need to contract with outside agencies to perform those exams,” said Senator Laughlin. “However, it is more than appropriate that the Department take every step possible to ensure those contractors are performing those duties in a responsible manner that does not place an undue burden on insurance companies, consumers, and taxpayers.”
The bill now goes to the House of Representatives for consideration.
Contact: Matt Azeles