§ 621.3. $5, 000 and $10, 000 policies; capital; capital stock; surplus
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 621.3
§ 621.3. $5,000 and $10,000 policies; capital; capital stock; surplus
Any limited life insurance company, in addition to powers heretofore granted to it, is hereby specifically empowered to issue policies agreeing to pay a total of not more than five thousand dollars ($5,000) in event of death from natural causes nor more than ten thousand dollars ($10,000) in event of death from accidental causes, and may issue policies of endowment insurance agreeing to pay not more than five thousand dollars ($5,000) upon maturity thereof: Provided, That the total amount of insurance issued by the company on any one life shall not exceed the limits stated in this section: And provided, such company meets the capital and surplus requirements stated below.
(1) In the case of stock companies, such company shall have a capital of one hundred fifty thousand dollars ($150,000) and shall have, in addition thereto, a surplus paid in at least equal to one-half the amount of its capital stock. Any limited life insurance company may revise its capital stock structure so that it shall have a capital stock of one hundred fifty thousand dollars ($150,000) divided into shares of not less than ten dollars ($10) par value, payment for which shall be made in lawful money at the time of subscribing.
Credits
1959, Dec. 30, P.L. 2095, § 1.
40 P.S. § 621.3, PA ST 40 P.S. § 621.3
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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