Section 905.1. Annual Examination and Analysis Report.--(a) Within thirty days of the end of each fiscal year, the department shall publish a report setting forth, for the immediately prior fiscal year, the total amount of money billed to companies by the department and its contractors retained in each of the following categories:
(1) Financial examinations conducted under section 904.
(2) Market conduct examinations conducted under section 904.
(3) Examinations conducted under section 1406 of the act of May 17, 1921 (P.L.682, No.284), known as The Insurance Company Law of 1921.
(4) The review of transactions under any of the following sections of The Insurance Company Law of 1921:
(i) Section 803-A.
(ii) Section 807-A.
(iii) Section 1402.
(iv) Section 1405.
(5) The solvency monitoring of companies under any of the following:
(i) Section 507-A.
(ii) Section 506-B.
(iii) Section 2607 of The Insurance Company Law of 1921.
(6) Other subsequently enacted statutory provisions that provide for the retention of third-party consultants.
(b) The report under this section must:
(1) separately list the identity of each contractor retained by the department and the amount of money billed by the contractor to companies;
(2) disclose the total amount of deposits into the Insurance Regulation and Oversight Fund under section 4(a)(3) of the act of July 2, 2013 (P.L.255, No.46), known as the Insurance Regulation and Oversight Fund Act, as a result of financial and market regulation activities for which regulated entities are responsible to pay; and
(3) include an analysis of the effectiveness of the procedures under this article and recommendations to further improve the efficiency and transparency of the examination processes.
(905.1 added June 22, 2018, P.L.273, No.41)
Compiler's Note: See sections 5 and 6 of Act 34 of 2018 in the appendix to this act for special provisions relating to applicability.