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§ 991.1812. Powers and duties of commissioner

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 2. Insurance Companies (Refs & Annos)
Article XVIII. Pennsylvania Property and Casualty Insurance Guaranty Association (Refs & Annos)
40 P.S. § 991.1812
§ 991.1812. Powers and duties of commissioner
Currentness
(a) The commissioner shall:
(1) Notify the association of the existence of an insolvent insurer not later than three (3) days after he receives notice of the determination of the insolvency. The association shall be entitled to a copy of any complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time that such complaint is filed with a court of competent jurisdiction.
(2) Upon request of the association, provide it with a statement of the net direct written premiums of each member insurer.
(3) Begin an examination of a member insurer within thirty (30) days of receipt of a request by the association for such examination pursuant to section 1803(c)(5). The expenses of any such examination shall be paid by the association.
(b) The commissioner may:
(1) Require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this article. Such notification shall be by mail at their last known address and by publication in such newspapers of general circulation as the commissioner shall specify.
(2) After notice and hearing, suspend or revoke the certificate of authority to transact insurance in this Commonwealth of any member insurer or levy a penalty payable to the Commonwealth upon any such insurer which:
(i) fails to pay an assessment when due and after demand having been made; or
(ii) otherwise fails to comply with the plan of operation. The penalty levied hereunder for failure to pay an assessment when due shall be not less than one hundred ($100) dollars per month nor more than five per centum (5%) of such unpaid assessment per month. The penalty for otherwise failing to comply with the plan of operation shall be not less than one hundred ($100) dollars nor more than one thousand ($1,000) dollars per month for each month that such insurer continues after notice having been given to fail to comply with the plan of operation.
(3) Revoke the approval of any servicing facility designated pursuant to section 1803(b)(6) if he finds that claims are not being handled satisfactorily.

Credits

1921, May 17, P.L. 682, No. 284, art. XVIII, § 1812, added 1994, Dec. 12, P.L. 1005, No. 137, § 1, effective in 60 days.
40 P.S. § 991.1812, PA ST 40 P.S. § 991.1812
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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