§ 7143. Adoption of exemption standards of NAIC Valuation Manual.

252 words·~1 min read·/pa/title-40/chapter-71/7143

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Findings and declarations.-- The General Assembly finds and declares that the work of NAIC and the participation of the commissioner in NAIC are essential to the general implementation of this chapter.

(b)Standards.-- To effectuate the decision as to whether to exempt certain policies, certificates or products of a particular company from certain provisions of the NAIC Valuation Manual, the commissioner shall determine, on an annual basis, whether to adopt the standards for exemption specified in the most recent version of the NAIC Valuation Manual by submitting a statement of policy to the Legislative Reference Bureau for publication in the next available issue of the Pennsylvania Bulletin.

(c)Statement of policy.-- A statement of policy issued under subsection

(b)shall be exempt from the following:

(1)Section 205 of the act of July 31, 1968 (P.L.769, No.240), referred to as the Commonwealth Documents Law.

(2)Section 204(b) and 301(10) of the act of October 15, 1980 (P.L.950, No.164), known as the Commonwealth Attorneys Act.

(3)The act of June 25, 1982 (P.L.633, No.181), known as the Regulatory Review Act.

(d)Construction.-- Nothing in this section shall affect any other provision in this chapter or apply to any action taken by the department prior to the effective date of this section.

40c7143v

(June 14, 2023, P.L.4, No.2, eff. imd.)

2023 Amendment. Act 2 added section 7143.

40c7151h

SUBCHAPTER E

MISCELLANEOUS PROVISIONS

Sec.

7151. Effect on The Insurance Company Law of 1921.

40c7151s