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§ 221.1. Construction and purpose

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 1. Insurance Department (Refs & Annos)
Article V. Suspension of Business--Involuntary Dissolutions (Refs & Annos)
(a) General Provisions
40 P.S. § 221.1
§ 221.1. Construction and purpose
(a) This article shall not be interpreted to limit the powers granted the commissioner by other provisions of the law.
(b) This article shall be liberally construed to effect the purpose stated in subsection (c).
(c) The purpose of this article is the protection of the interests of insureds, creditors, and the public generally, with minimum interference with the normal prerogatives of the owners and managers of insurers, through (i) early detection of any potentially dangerous condition in an insurer, and prompt application of appropriate corrective measures; (ii) improved methods for rehabilitating insurers, involving the cooperation and management expertise of the insurance industry; (iii) enhanced efficiency and economy of liquidation, through clarification and specification of the law, to minimize legal uncertainty and litigation; (iv) equitable apportionment of any unavoidable loss; (v) lessening the problems of interstate rehabilitation and liquidation by facilitating cooperation between states in the liquidation process, and by extending the scope of personal jurisdiction over debtors of the insurer outside this Commonwealth; and (vi) regulation of the insurance business by the impact of the law relating to delinquency procedures and substantive rules on the entire insurance business.

Credits

1921, May 17, P.L. 789, art. V, § 501, added 1977, Dec. 14, P.L. 280, No. 92, § 2, imd. effective.
40 P.S. § 221.1, PA ST 40 P.S. § 221.1
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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