§ 933. Filing of declaration; contents
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 933
§ 933. Filing of declaration; contents
Such underwriters shall file with the Insurance Commissioner a declaration, signed and sworn to by their duly authorized attorney or attorneys-in-fact, setting forth:
(h) That a fund for the protection of policyholders is in the possession, within the United States, of the attorney or attorneys-in-fact, or a committee for such underwriters, and is either in cash or invested as required by the laws of the State in which the principal office of the underwriters is located in respect to securities deposited by the insurance corporations authorized to transact similar kinds of insurance. Such fund shall amount to the sum of one hundred thousand dollars ($100,000), if the applicants desire to be authorized to transact the kind of insurance specified in any one of the subdivisions (a), (b), or (c), or in subdivisions (a) and (c), or (b) and (c), of section nine hundred and two (902) of this act;1 and such fund to amount to the sum of two hundred thousand dollars ($200,000), if the applicants desire to be authorized to transact all the kinds of insurance specified in subdivisions (a), (b), and (c), or in subdivisions (a) and (b) of said section.
The Insurance Commissioner may, in his discretion, by a writing to be filed and kept in the Insurance Department, waive the filing of any part of the declaration mentioned on the part of such underwriters as are lawfully doing business in this Commonwealth at the time this act takes effect and who have heretofore filed such duly verified information with the said commissioner.
Credits
1921, May 17, P.L. 682, art. IX, § 903.
Footnotes
40 P.S. § 932.
40 P.S. § 933, PA ST 40 P.S. § 933
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |