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§ 221.53. Conservation of property of foreign or alien insurers found in this state

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)
(d) Interstate Relations
40 P.S. § 221.53
§ 221.53. Conservation of property of foreign or alien insurers found in this state
Currentness
(a) If a domiciliary liquidator has not been appointed, the commissioner may apply to the Commonwealth Court by verified petition for an order directing him to conserve the property of an alien insurer not domiciled in this Commonwealth or a foreign insurer on any one or more of the following grounds:
(1) any of the grounds in section 514;1
(2) that any of its property has been sequestered by official action in its domiciliary state, or in any other state;
(3) that enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent; or
(4) that (i) its certificate of authority to do business in this Commonwealth has been revoked or that none was ever issued, and (ii) there are residents of this Commonwealth with outstanding claims or outstanding policies.
(b) The court may issue the order in whatever terms it shall deem appropriate. The filing or recording of the order with the recorder of deeds of Dauphin County shall impart the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with that recorder of deeds would have imparted.
(c) The conservator may at any time petition for and the court may grant an order under section 5542 to liquidate the assets of a foreign or alien insurer under conservation, or, if appropriate, for an order under section 556,3 to be appointed ancillary receiver.
(d) The conservator may at any time petition the court for an order terminating conservation of an insurer. If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make such finding and issue such order at any time upon motion of any interested party.

Credits

1921, May 17, P.L. 789, art. V, § 553, added 1977, Dec. 14, P.L. 280, No. 92, § 2, imd. effective.

Footnotes

1
40 P.S. § 221.14.
2
40 P.S. § 221.54.
3
40 P.S. § 221.56.
40 P.S. § 221.53, PA ST 40 P.S. § 221.53
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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