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§ 50. Effect of additional restrictions of other states

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 II. Insurance Department (Refs & Annos)
40 P.S. § 50
§ 50. Effect of additional restrictions of other states
As used in this section the term--
“Insurance Companies” includes insurance companies, insurance associations and insurance exchanges.
“Agents” includes insurance agents, insurance brokers, public adjusters and public adjusters' solicitors.
“Burdens or Prohibitions” includes taxes, fines, penalties, licenses, fees, rules, regulations, obligations, and prohibitions, including prohibitions against writing particular kinds of insurance by insurance companies, and restrictions on the payment or division of commissions to or with insurance agents or brokers licensed under the laws of this Commonwealth.
“Other States” includes other states of the United States and foreign governments.
If any other state imposes any burdens or prohibitions on insurance companies, or agents of this state doing business in such other state, which are in addition to, or in excess of, the burdens or prohibitions imposed by this Commonwealth on insurance companies and agents, like burdens and prohibitions shall be imposed on all insurance companies and agents of such other state doing business in this Commonwealth, so long as the burdens and prohibitions of such other state remain in force. In applying this section to an insurance company of another state, such company shall not be required to pay any taxes and fees which are greater in aggregate amount than those which would be imposed by the laws of such other state and any political subdivision thereof upon a like company of this Commonwealth transacting the same volume and kind of business in such other state.
If any other state requires additional or other insurance covering motorists, or motor vehicles that are insured in Pennsylvania insurance companies, or in insurance companies of other states that are licensed to do business in this Commonwealth in order to use the highways of such other state, like, additional or other insurance shall be required to cover all motorists and motor vehicles of such other state using the highways of this Commonwealth so long as the requirement of such other state shall remain in force.
The existence of a monopolistic State Fund for the writing of any class or classes of insurance in another state shall not be construed as a reason to deny to a company, association or exchange of that state a license to transact such classes of insurance in this Commonwealth.

Credits

1921, May 17, P.L. 789, art. II, § 212. Amended 1931, June 22, P.L. 616, § 1; 1933, May 24, P.L. 988, § 1; 1945, May 5, P.L. 430, § 1; 1951, May 25, P.L. 406, § 2; 1959, Aug. 14, P.L. 717, § 1; 1974, June 17, P.L. 341, No. 110, § 3, imd. effective.
40 P.S. § 50, PA ST 40 P.S. § 50
Current through 2018 Regular Session Acts 1 to 76, 80, 82, 85 to 87
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