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§ 991.1607. Withdrawal of eligibility from a surplus lines insurer

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 2. Insurance Companies (Refs & Annos)
Article XVI. Surplus Lines (Refs & Annos)
40 P.S. § 991.1607
§ 991.1607. Withdrawal of eligibility from a surplus lines insurer
Currentness
If at any time the department has reason to believe that an eligible surplus lines insurer:
(1) is in unsound financial condition;
(2) is no longer eligible under section 1605;1
(3) has wilfully violated the laws of this Commonwealth; or
(4) does not make reasonably prompt payment of just losses and claims in this Commonwealth or elsewhere;
the department may declare it ineligible.
The department shall promptly mail notice of all such declarations to each surplus lines licensee and, in the event the department's action is based upon paragraph (4), the notice shall be issued at least thirty (30) days prior to the effective date of the withdrawal of eligibility.

Credits

1921, May 17, P.L. 682, No. 284, art. XVI, § 1607, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days.

Footnotes

1
40 P.S. § 991.1605.
40 P.S. § 991.1607, PA ST 40 P.S. § 991.1607
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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