§ 991.1701. Purpose
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: November 3, 2020
Effective: November 3, 2020
40 P.S. § 991.1701
§ 991.1701. Purpose
<For applicability of the amendment of this section by Act 2020, Nov. 3, P.L. 1097, No. 113, see § 4 of that Act.>
The purpose of this article is to protect, subject to certain limitations, the persons specified in section 1703(a)1 against failure in the performance of contractual obligations, under life, health and annuity policies, plans or contracts specified in section 1703(b), because of the impairment or insolvency of the member insurer that issued the policies, plans or contracts. To provide this protection, an association of member insurers is created to pay benefits and to continue coverages as limited herein, and member insurers of the association are subject to assessment to provide funds to carry out the purpose of this article.
Credits
1921, May 17, P.L. 682, No. 284, art. XVII, § 1701, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, imd. effective. Amended 2020, Nov. 3, P.L. 1097, No. 113, § 1.2, imd. effective.
Footnotes
40 P.S. § 991.1703.
40 P.S. § 991.1701, PA ST 40 P.S. § 991.1701
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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