§ 386.1. Exclusion from minimum financial requirements
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 386.1
§ 386.1. Exclusion from minimum financial requirements
(c) An existing fire or casualty company that has capital and surplus less than the minimum requirements imposed by this act shall be required to continue to comply with the minimum capital and surplus requirements imposed by this act as of January 1, 1989, and shall not be required to meet the minimum requirements of this act. However, an existing fire and casualty company must comply with the minimum capital and surplus requirements imposed by this act, if any of the following occurs:
(1) any change in charter powers expanding the lines of insurance the company is authorized to write, except for the limited purpose of issuing policies covering homeowners multiple peril, farmowners multiple peril, mobile homeowners multiple peril, personal liability and farmers personal liability;
(2) a merger or the acquisition of beneficial ownership of more than 10% of any class of such insurer's voting stock which requires a filing pursuant to section 337.6 of this act;1
(3) a transaction under section 8092 that results in a transfer of ownership, or acquisition of control of such insurer through purchase or assignment of a management contract; or
Credits
1921, May 17, P.L. 682, No. 284, § 206.1, added 1989, July 7, P.L. 228, No. 37, § 2, effective in 60 days.
40 P.S. § 386.1, PA ST 40 P.S. § 386.1
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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