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§ 445. Amendment of charter

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 III. General Provisions Relating to Insurance Companies, Associations, and Exchanges (Refs & Annos)
40 P.S. § 445
§ 445. Amendment of charter
(a) to (c) Repealed. 1990, Dec. 19, P.L. 834, No. 198, § 401(b), effective in 6 months.
(d) A mutual insurance company, other than life or title, shall be permitted to amend its charter to include any or all of the kinds of insurance included in section 202, subdivisions (b) and (c),1 if its total assets less net liability for losses, for expenses and for unearned premium reserve are not less than the minimum surplus specified in section 206(e)2 for the incorporation of new companies, without the necessity of obtaining or of holding any application or of issuing any policy as specified in section 206(e) for the incorporation of new companies.
(e) Before any domestic stock fire, stock marine, stock fire and marine, or stock casualty insurance company transacting business under subdivisions (b) or (c) of section two hundred two of this act may procure an amendment to its charter for the transaction of additional kinds or classes of business under subdivisions (b) or (c) or both, said section two hundred two, it must have a paid up capital and a paid in or accumulated surplus in amounts required by subdivisions (b) or (c) or both, section two hundred six of this act, for incorporation for its present and proposed additional purposes.

Credits

1921, May 17, P.L. 682, art. III, § 322. Amended 1929, April 26, P.L. 782, § 1; 1951, July 19, P.L. 1100, § 4; 1953, July 2, P.L. 331, § 3; 1978, Oct. 4, P.L. 1009, No. 216, § 1, effective in 60 days. Affected 1990, Dec. 19, P.L. 834, No. 198, § 401(b), effective in 6 months. Amended 1992, Dec. 18, P.L. 1519, No. 178, § 6, effective in 120 days.

Footnotes

40 P.S. § 382(b), (c).
40 P.S. § 386(e).
40 P.S. § 445, PA ST 40 P.S. § 445
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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