Insurance Regulatory Update Office of Corporate and Financial Regulation Joseph DiMemmo, CPA, Deputy Insurance Commissioner Corporate & Financial Regulation of Insurance Companies Pennsylvania Insurance Department

Insurance Regulatory Update Office of Corporate and Financial Regulation Joseph DiMemmo, CPA, Deputy Insurance Commissioner Pennsylvania Insurance Department Office of Corporate &Financial Regulation We exist to protect policyholders by ensuring companies are financially strong. Our shared goal is to ensure that insurance claims can be paid when due. We regulate companies through licensing, approving corporate transactions, analyzing company financial reports, requiring CPA audit reports and actuarial opinions and conducting onsite examinations of company financial statements. We coordinate with other states for the monitoring of foreign insurance companies.

Insurance Regulatory Update Office of Corporate and Financial Regulation Joseph DiMemmo, CPA, Deputy Insurance Commissioner Pennsylvania Insurance Department Office of Corporate &Financial Regulation We work with companies to regain financial strength when we identify a company that may be troubled. –Our Department has the authority to institute additional oversight and monitoring, as needed. –When a company becomes insolvent, the Commissioner is appointed as Liquidator and Guaranty Associations are triggered.