31 Pa. Code § 147.1

Current through Register Vol. 54, No. 45, November 9, 2024

Section 147.1 - Purpose

The purpose of this chapter is to improve the Department's surveillance of the financial condition of insurers by requiring an annual audit by independent certified public accountants of the financial statements reporting the financial condition and the results of operations of insurers, a written communication detailing internal control related matters noted in the audit, and a written report by management of internal control over financial reporting.

31 Pa. Code § 147.1

The provisions of this §147.1 adopted December 21, 1979, effective 12/22/1979, 9 Pa.B. 4164; corrected January 11, 1980, effective 12/22/1979, 10 Pa.B. 129; amended November 10, 1995, effective 11/11/1995, 25 Pa.B. 4785; amended October 2, 2009, effective 10/3/2009, 39 Pa.B. 5730.

The provisions of this §147.1 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. §§ 1600.205-1600.206); section 731 of the Medical Care Availability and Reduction of Error 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.)