§ 158. Distribution of reserve fund
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 158
§ 158. Distribution of reserve fund
The reserve fund in the custody of the secretary shall be liable only to the following claims:
One. To pay all outstanding claims of indemnity that have arisen by virtue of any policies of insurance.
Two. For the purchase of reinsurance to indemnify and protect the remaining outstanding policies.
Three. To distribute among policy holders, upon cancellation of their policies, the proportionate share of the reserve fund to which they are entitled, which shall in no case exceed the proportion which the premium paid for any such policy may bear to the whole amount of title insurance then outstanding.
Credits
1929, April 26, P.L. 834, § 1(h).
40 P.S. § 158, PA ST 40 P.S. § 158
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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