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§ 3304. Issuance and renewal of license

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 13. Insurance Premium Finance Company Act
40 P.S. § 3304
§ 3304. Issuance and renewal of license
Currentness
(a) Procedure. Upon the filing of an application, in a form to be specified by the commissioner, and the payment of the license fee, the commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this act. The applicant shall make answer in writing and under oath to such interrogatories and on such forms as the commissioner shall prescribe. If the commissioner does not so find, he shall, within 60 days after he has received the application, at the request of the applicant, give the applicant a full hearing.
(b) Requirements. Before the commissioner shall issue or renew a license, he shall be satisfied that the person to be licensed:
(1) Is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for.
(2) Has a good business reputation and the individuals, officers, members or other individuals connected with or doing business for an applicant have experience, training or education so as to be qualified in the business for which the license is applied for.
(3) If a corporation, is a corporation incorporated under the laws of this Commonwealth or a foreign corporation authorized to transact business in this Commonwealth.
(c) Net worth. Before the commissioner shall issue or renew any license under this act, he shall ascertain that the applicant has and maintains net worth equal to $50,000, as shall be certified and sworn to by the applicant on a form promulgated by the commissioner.

Credits

1984, Dec. 19, P.L. 1182, No. 224, § 4, effective in 60 days.
40 P.S. § 3304, PA ST 40 P.S. § 3304
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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