Current through Register Vol. 54, No. 44, November 2, 2024
(a)
Solicitation in this
Commonwealth.
(1) The Insurance
Department (Department) notifies the insurance industry and the general public
that it has required and will continue to require that prior to solicitation in
this Commonwealth:
(i) When two or more
insurers merge or an insurer assumes the business of another insurer, the
surviving or assuming insurer shall obtain Department approval of forms or
rates of the merged or assumed insurer that it will solicit in this
Commonwealth.
(ii) When an insurer
changes its name, the insurer shall reprint its previously approved forms to
reflect the new company name and obtain Department approval of the reprinted
forms.
(2) Department
approval of the forms or rates will be in accordance with the requirements of
the following:
(i) Sections 354, 654, 737 and
739 of The Insurance Company Law of 1921 (40 P. S. §§
477(b),
814,
910-37 and
910-39).
(ii) Section 401 of the Fraternal Benefit
Society Code (40 P. S. §
1141-401).
(iii) Section 7 of the Model Act for the
Regulation of Credit Life Insurance and Credit Accident and Health Insurance
(40
P. S. §
1007.7).
(iv) Title 40 of the Pennsylvania
Consolidated Statutes
§§ 6124 and 6329 (relating to rates
and contracts; and rates and contracts).
(v) Section 10 of the Health Maintenance
Organization Act (40 P. S. §
1560).
(vi) Sections 3 and 4 of The Fire, Marine and
Inland Marine Regulatory Act (40 P. S. §§
1223 and
1224).
(vii) Sections 3 and 4 of The Casualty and
Surety Rate Regulatory Act (40 P. S. §§
1183 and
1184).
(viii) Sections
130.3,
152.12 and
152.18 (relating to filing
requirements; provider organizations governed and regulated under ERISA; and
policy review after commencement of operations).
(b)
Form and rate filings.
The Department notifies the insurance industry and general public that form and
rate filings made to the Department as a result of a merger, assumption or name
change will be reviewed by the Department in accordance with a simplified
review procedure. Instead of an independent review of a form or rate filing to
determine whether it can be approved, the simplified review procedure involves
a reliance by the Department on the previous approval of the form or rate for
the merged, assumed or originally named company.
(c)
Simplified review
procedure. A simplified review procedure filing will be conducted upon
provision of the following:
(1) Two copies of
the forms or rates being submitted for approval.
(2) A letter of submission including a list
of the forms or rates being submitted for approval. For each form or rate
filed, the list shall include the following:
(i) For a form filing, a designation of the
form number, or for a rate filing, the identifying filing
designation.
(ii) The type of
coverage provided.
(iii) For a form
filing, the designation of the form number, or for a rate filing, the
identifying filing designation of the form originally approved for the merged,
assumed or originally named company.
(iv) The date the form or rate was originally
approved for the merged, assumed or originally named company.
(3) A copy of any certification
previously submitted by the original insurer to the Department to obtain the
form or rate approval.
(4) For
flexible and fixed premium universal life insurance policy filings, a copy of
any policy page submitted by the original insurer in order to comply with
Article IX, Section 2 of the Pennsylvania Insurance Department
Guidelines for the Review of Universal Life Insurance. The Guidelines
were supplied to the presidents of insurers licensed in this Commonwealth with
correspondence dated January 17, 1986. A person wishing copies of the
Guidelines may obtain them from Paul Makurath, (717) 783-4253.
(5) A duplicate copy of the letter of
submission.
(6) A certification
signed by a company officer that no changes have been made in the forms or
rates other than those necessary to reflect the applicable company name,
address and officers.
(d)
Departmental review. The Department reserves the right at any
time to review a form or rate filing for approval without reliance on the
previous approval of the form or rate. One reason why the Department would not
rely on the previous approval of a form or rate includes the fact that the
originally approved form or rate no longer meets the Department's approval
standards.
(e)
Termination
of simplified review procedure. The Department reserves the right to
terminate this simplified review procedure upon publication of a notice in the
Pennsylvania Bulletin.
