§ 47a. Penalty for exceeding powers granted under certificate of authority
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 47a
§ 47a. Penalty for exceeding powers granted under certificate of authority
Any insurance company, association or exchange, doing an insurance business within this Commonwealth, that shall exceed the powers granted under a certificate of authority, shall forfeit and pay to the Commonwealth a sum of not more than five hundred dollars ($500) for each and every policy issued in violation of this section. Before the Insurance Commissioner shall take any action, as above set forth, he shall give written notice to the company, association or exchange accused of violating the law, stating specifically the nature of such alleged violation, and fixing a time and place, at least ten (10) days thereafter, when a hearing of the matter shall be held. After such hearing or failure of the accused to appear at such hearing, the Insurance Commissioner shall impose such penalty as he deems advisable.
Credits
1921, May 17, P.L. 789, art. II, § 209a, added 1937, June 4, P.L. 1640, § 1.
40 P.S. § 47a, PA ST 40 P.S. § 47a
Current through Act 92 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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