Pennsylvania Code › Title 31 - INSURANCE › Part VIII - Miscellaneous Provisions › Chapter 147 - ANNUAL FINANCIAL REPORTING REQUIREMENTS › Section 147.3 - Filing and extensions for filing required reports and communications

Current through Register Vol. 54, No. 28, July 13, 2024
(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.
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).