§ 322.5. Duties of insurers
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 322.5
§ 322.5. Duties of insurers
(e) Within thirty days of entering into or termination of a contract with an MGA, the insurer shall provide written notification of such appointment or termination to the department. Notices of appointment of an MGA shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act and any other information the commissioner may request.
(f) An insurer shall review its books and records each quarter to determine if any agent has become, by operation of section 801,1 an MGA as defined in that section. If the insurer determines that an agent has become an MGA, the insurer shall promptly notify the agent and the department of such determination, and the insurer and agent must fully comply with the provisions of this article within thirty days.
(g) An insurer shall not appoint to its board of directors an officer, director, employe, subagent or controlling shareholder of its MGAs. This subsection shall not apply to relationships governed by Article XI or XII of the act of May 17, 1921 (P.L. 682, No. 284), known as “The Insurance Company Law of 1921.”2
Credits
1921, May 17, P.L. 789, No. 285, art. VIII, § 805, added 1992, Dec. 18, P.L. 1496, No. 177, § 12, effective in 120 days. Amended 1994, Feb. 17, P.L. 79, No. 8, § 9, imd. effective.
40 P.S. § 322.5, PA ST 40 P.S. § 322.5
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |