(a) Every insurer,
unless exempted by the Commissioner under §
147.13 (relating to effective date
and exemption), shall have an annual audit performed by an independent
certified public accountant and shall file as instructed by the Commissioner an
audited financial report for that year on or before June 1 for the year ending
December 31 immediately preceding unless an extension is granted under
subsection (b). The Commissioner may require an insurer to file an audited
financial report earlier than June 1 by providing 90 days' advance notice to
the insurer. The Commissioner may require audited financial reports and related
information required under this chapter to be filed with the Department and the
National Association of Insurance Commissioners in a form of electronic
transmission acceptable to the Commissioner. Supplement information related to
reporting required under this chapter is published in the
NAIC
Implementation Guide.
(b)
Extensions of the filing date may be granted by the Commissioner for 15-day
periods upon showing, by the insurer and its independent certified public
accountant, the reasons for requesting an extension by the Commissioner. The
request for extension shall be submitted in writing at least 10 days prior to
the due date in sufficient detail to permit the Commissioner to make an
informed decision with respect to the requested extension. A 15-day extension
of the filing date granted by the Commissioner for an audited financial report
must provide for 15-day extensions of the filing dates for communication of
internal control related matters noted in an audit under §
147.9a (relating to establishment
and communication of internal control over financial reporting) and for
management's report of internal control over financial reporting under §
147.9b (relating to management's
report of internal control over financial reporting).
(c) Subsections (a) and (b) do not apply to
continuing care providers. In accordance with the law and regulations relating
to continuing care providers, each continuing care provider shall have an
annual audit performed by an independent certified public accountant and shall
file with the Commissioner an audited financial report for that year within 4
months following the end of the provider's fiscal year.
(d) Audited financial reports filed as
instructed by the Commissioner will be open to the public for examination and
inspection.
Notes
The provisions
of this § 147.3 amended November 10, 1995, effective
11/11/1995, 25 Pa.B. 4785;
amended August 20, 2004, effective 8/21/2004, 34 Pa.B. 4591; amended October 2,
2009, effective 10/3/2009, 39
Pa.B. 5730.
The provisions of this § 147.3 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 and
1600.206); section 731 of the
Medical Care Availability and Reduction of Error (MCARE) 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).
This section cited in 31 Pa. Code §
147.6 (relating to recognition,
qualification and responsibilities of an independent certified public
accountant); and 31 Pa. Code §
147.13 (relating to effective date
and exemption).
