40 P.S. § 991.1406a Supervisory Colleges

• Library: Pennsylvania Statutes
• Edition: 2023
• Currency: Current through P.A. Acts 2023-27
• Year: 2023
• Citation: 40 P.S. § 991.1406a

(a) A supervisory college may be convened as a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates.

(b) The department may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including international, Federal and other state regulatory agencies, for any of the following reasons:

(1) To assess the enterprise risk, business strategy, legal, regulatory and financial position, risk exposure, risk management and governance processes of the insurer or its affiliates.

(2) As part of the examination of individual insurers in accordance with section 1406.

(c) The department shall have the power to participate in a supervisory college for a domestic insurer, registered under section 1404, that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this article.

(d) The powers of the department regarding supervisory colleges include, but are not limited to, the following:

(1) Initiating the establishment of a supervisory college.

(2) Clarifying the membership and participation of other supervisors in the supervisory college.