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§ 221.13-A. Exemptions

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: July 23, 2012

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 1. Insurance Department (Refs & Annos)
Article V-a. Risk-Based Capital Requirements (Refs & Annos)
Effective: July 23, 2012
40 P.S. § 221.13-A
§ 221.13-A. Exemptions
Currentness
(a) The following insurers are exempt from this article:
(1) Monoline mortgage guaranty insurers.
(2) Financial guaranty insurers.
(3) Title insurers.
(4) Foreign or alien fraternal benefit societies.
(b) A domestic property or casualty insurer that meets all of the following conditions is exempt from this article unless the commissioner makes a specific finding that application of this article to the insurer is necessary for the commissioner to carry out statutory responsibilities:
(1) Writes direct business only in this Commonwealth.
(2) Writes direct annual premiums of ten million dollars ($10,000,000) or less or such higher amount as the commissioner may order in five-year intervals as necessary to reflect the impact of inflationary factors.
(3) Assumes no reinsurance in excess of five per centum of direct premium written except for assumed reinsurance of business directly written in this Commonwealth if the assuming insurer's total annual net written premium, direct plus assumed minus ceded, is ten million dollars ($10,000,000) or less.

Credits

1921, May 17, P.L. 789, No. 285, § 513-A, added 1997, June 25, P.L. 349, No. 40, § 1, imd. effective. Amended 2012, May 22, P.L. 544, No. 51, § 2, effective in 60 days [July 23, 2012].
40 P.S. § 221.13-A, PA ST 40 P.S. § 221.13-A
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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