Home Table of Contents

§ 991.1709. Powers and duties of the commissioner

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: November 3, 2020

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 2. Insurance Companies (Refs & Annos)
Article XVII. Life and Health Insurance Guaranty Association
Effective: November 3, 2020
40 P.S. § 991.1709
§ 991.1709. Powers and duties of the commissioner
Currentness
<For applicability of the amendment of this section by Act 2020, Nov. 3, P.L. 1097, No. 113, see § 4 of that Act.>
(a) In addition to the powers and duties enumerated elsewhere in this article, the commissioner shall:
(1) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer.
(2) When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time; notice to the impaired insurer shall constitute notice to its shareholders, if any; the failure of the impaired insurer to promptly comply with such demand shall not excuse the association from the performance of its powers and duties under this article.
(3) Deleted by 2020, Nov. 3, P.L. 1097, No. 113, § 3, imd. effective.
(b) The commissioner may suspend or revoke, after notice and hearing, the license or certificate of authority to transact business in this Commonwealth of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a forfeiture on any member insurer which fails to pay an assessment when due. Such forfeiture shall not exceed five per centum (5%) of the unpaid assessment per month, but no forfeiture shall be less than one hundred ($100) dollars per month.
(c) Any final action of the board of directors or the association may be appealed to the commissioner by any member insurer if such appeal is taken within sixty (60) days of its receipt of notice of the final action being appealed. Any final action or order of the commissioner shall be subject to judicial review in a court of competent jurisdiction in accordance with the laws of this Commonwealth that apply to the actions or orders of the commissioner.
(d) The liquidator, rehabilitator or conservator of any impaired or insolvent insurer may notify all interested persons of the effect of this article.

Credits

1921, May 17, P.L. 682, No. 284, art. XVII, § 1709, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, imd. effective. Amended 2020, Nov. 3, P.L. 1097, No. 113, § 3, imd. effective.
40 P.S. § 991.1709, PA ST 40 P.S. § 991.1709
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document