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§ 991.1605. Requirements for eligible surplus lines insurers

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: June 30, 2011

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)
Effective: June 30, 2011
40 P.S. § 991.1605
§ 991.1605. Requirements for eligible surplus lines insurers
Currentness
(a) No surplus lines licensee shall place any coverage with a nonadmitted insurer unless, at the time of placement, such nonadmitted insurer qualifies under one of the following:
(1)(i) is authorized to write the type of insurance in its domiciliary jurisdiction; and
(ii) has capital and surplus or its equivalent under the laws of its domiciliary jurisdiction which is greater than or equal to fifteen million ($15,000,000) dollars. The requirement of this subparagraph may be satisfied by an insurer's possessing less than the minimum capital and surplus upon an affirmative finding of acceptability by the commissioner. The finding shall be based upon such factors as quality of management, capital and surplus of any parent company, company underwriting profit and investment income trends, market availability and company record and reputation within the industry. In no event shall the commissioner make an affirmative finding of acceptability when the nonadmitted insurer's capital and surplus is less than four million five hundred thousand ($4,500,000) dollars.
(2) If domiciled outside the United States, is listed on the Quarterly Listing of Alien Insurers maintained by the International Insurers Department of the National Association of Insurance Commissioners.
(b) In addition to meeting the requirements in subsection (a), a nonadmitted insurer shall be an eligible surplus lines insurer if it appears on the most recent list of eligible surplus lines insurers published by the department from time to time but at least annually. Nothing in this section shall require the department to place or maintain the name of any nonadmitted insurer on the list of eligible surplus lines insurers.

Credits

1921, May 17, P.L. 682, No. 284, art. XVI, § 1605, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days. Amended 1994, Feb. 17, P.L. 92, No. 9, § 14, imd. effective; 2002, July 10, P.L. 749, No. 110, § 7, effective in 60 days; 2010, March 22, P.L. 147, No. 14, § 5, effective in 180 days [Sept. 20, 2010]; 2011, June 30, P.L. 194, No. 28, § 2, imd. effective.
40 P.S. § 991.1605, PA ST 40 P.S. § 991.1605
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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