PA Bulletin, Doc. The chapter applied to property and casualty insurers, the State Workmen's Insurance Fund and title insurers. The chapter prescribed accounting rules for allocation of joint expenses in financial statements. The purpose of this rulemaking is to delete Chapter 3 to eliminate obsolete, unnecessary regulations. The regulations were adopted to prescribe uniform accounting rules for the allocation of joint expenses in financial reports filed with the Commissioner.
Joint expenses are expenses shared among members of a group of entities.
Specifically, Statement of Statutory Accounting Principles No. 70 in the manual establishes statutory accounting principles for the apportionment of shared expenses and refers to the applicable annual statement instructions. The regulations codified in Chapter 3 in no manner enhance the NAIC instructions and manual. Therefore, the regulations are outdated and are no longer needed. Comments Notice of the proposed rulemaking was published at 30 Pa. B. 5019 with a 30-day public comment period.