Home Table of Contents

§ 3517. Prohibition on acquisitions of control

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 Pa.C.S.A. InsuranceEffective: July 13, 2015

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 Pa.C.S.A. Insurance (Refs & Annos)
Part II. Regulation of Insurers and Related Persons Generally (Refs & Annos)
Chapter 35. Medical Professional Liability Reciprocal Exchange-to-Stock Conversion
Effective: July 13, 2015
40 Pa.C.S.A. § 3517
§ 3517. Prohibition on acquisitions of control
Except as otherwise specifically provided in section 3503 (relating to contents of plan of conversion), from the date a plan of conversion is adopted until the effective date of the plan of conversion, a person may not directly or indirectly offer to acquire, make an announcement to acquire or acquire in any manner, including making a filing with the department for acquisition under a statute or regulation of this Commonwealth, the beneficial ownership of 10% or more of a class of a voting security of the attorney or the stock company that will be the successor of the reciprocal insurer or of a person that controls the voting securities of the attorney or the stock company that will be the successor of the reciprocal insurer.

Credits

2015, May 13, P.L. 3, No. 2, § 1, effective in 60 days [July 13, 2015].
40 Pa.C.S.A. § 3517, PA ST 40 Pa.C.S.A. § 3517
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document