Home Table of Contents

§ 991.1603. Acting for or aiding nonadmitted 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. § 991.1603
§ 991.1603. Acting for or aiding nonadmitted insurers
Currentness
(a) No person in this Commonwealth shall directly or indirectly act as a producer for, or otherwise represent or aid on behalf of another, any nonadmitted insurer in the solicitation, negotiation, procurement or effectuation of insurance, or renewals thereof, or forwarding of applications, or delivery of policies or contracts or inspection of risks, or fixing of rates, or investigation or adjustment of claims or losses, or collection or forwarding of premiums, or in any other manner represent or assist such insurer in the transaction of insurance.
(b) If the nonadmitted insurer is not an eligible surplus lines insurer and fails to pay a claim or loss within the provisions of the insurance contract, a person who assisted or in any manner aided, directly or indirectly, in the procurement of the insurance contract shall be liable to the insured for the full amount payable under the provisions of the insurance contract.
(c) This section does not apply to any of the following:
(1) Surplus lines insurance if it is effected and written pursuant to this article.
(2) Insurance effected with a nonadmitted insurer pursuant to sections 1606 and 1610.1
(3) Transactions for which a certificate of authority to do business is not required of an insurer under the insurance laws of this Commonwealth.
(4) Reinsurance.
(5) Wet marine and transportation insurance.
(6) Transactions subsequent to issuance of a policy in which this Commonwealth becomes the home state.
(7) Transactions involving risk retention groups chartered and licensed outside of this Commonwealth.

Credits

1921, May 17, P.L. 682, No. 284, art. XVI, § 1603, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days. Amended 2010, March 22, P.L. 147, No. 14, § 4, effective in 180 days [Sept. 20, 2010]; 2011, June 30, P.L. 194, No. 28, § 2, imd. effective.

Footnotes

1
40 P.S. §§ 991.1606, 991.1610.
40 P.S. § 991.1603, PA ST 40 P.S. § 991.1603
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document