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§ 910-16. Investment and maintenance of the unearned premium reserve

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 VII. Title Insurance Companies (Refs & Annos)
40 P.S. § 910-16
§ 910-16. Investment and maintenance of the unearned premium reserve
The amount of the unearned premium reserve shall be invested by each such title insurance company according to the investment schedule provided in section 734 of this act.1 If by reason of depreciation in the market value of investments or other cause, the amount of the assets eligible for investment of the unearned premium reserve should on any date be less than the amount required to be maintained by law in such reserve, and the deficiency shall not be promptly cured, such title insurance company shall forthwith give written notice thereof to the Insurance Commissioner and shall make no further policies or contracts or reinsurance agreements of title insurance until the amounts of such eligible investments shall have been restored and until it shall have received written approval from the Insurance Commissioner authorizing it to again issue such policies or contracts or agreements.

Credits

1921, May 17, P.L. 682, art. VII, § 716, added 1963, Aug. 14, P.L. 922, § 3.

Footnotes

40 P.S. § 910-34.
40 P.S. § 910-16, PA ST 40 P.S. § 910-16
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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