Pennsylvania · statute · 40 Pa.C.S. · 215 active provisions
Subject to additional definitions contained in subsequent provisions of this title which are applicable to specific parts, articles, chapters or other provisions of this title, the following words and phrases when used in this title shall have, unless the context clearly indicates otherwise, the meanings given to them…
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise: "Abortion." The term shall have the same meaning given to it in 18 Pa.C.S. § 3203 (relating to definitions). "Complication." The term shall have the same meanin…
(a) Prohibition.--The Commonwealth of Pennsylvania hereby elects pursuant to the authority granted the states under section 1303(a) of the Patient Protection and Affordable Care Act (Public Law 111-148, 42 U.S.C. § 18023(a)) to prohibit certain abortion coverage in qualified health plans offered through the health insu…
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise: "Attorney." The person that manages and acts as the attorney-in-fact for the reciprocal insurer. "Commissioner." The Insurance Commissioner of the Commonwealth.…
(a) Plan of conversion.--The following shall apply: (1) A plan of conversion may not become effective unless the reciprocal insurer seeking to convert to a stock company has adopted: (i) by the affirmative vote of not less than two-thirds of the subscribers' advisory committee or an equivalent governing body of the rec…
(a) Contents.--The following provisions shall be included in a plan of conversion: (1) The reasons for proposed conversion. (2) The effect of conversion on existing policies, including a provision that the policies in force on the effective date of conversion continue to remain in force under the terms of the policies,…
(a) Subscription rights.--The plan may provide that the directors and officers of the attorney and the reciprocal insurer shall receive, without payment, nontransferable subscription rights to purchase capital stock of the stock company or the stock of another corporation that is participating in the conversion plan, a…
A plan of conversion may be adopted that does not rely in whole or in part upon issuing nontransferable subscription rights to subscribers to purchase stock of the stock company if the commissioner finds that the plan does not prejudice the interests of the subscribers, is fair and equitable and is not inconsistent wit…
A plan is effective when the following have been completed: (1) The commissioner has approved the plan. (2) The eligible subscribers have approved the plan. (3) If the stock company becomes successor to the reciprocal insurer by merger, the eligible subscribers have approved the merger of the reciprocal insurer with an…
(a) Notice.--A subscriber shall be sent a written notice regarding the plan upon issuance of a policy if the subscriber's policy is issued after the later of: (1) the date the proposed plan has been adopted; or (2) if different, the record date for establishing subscribers eligible to vote on the plan. The notice shall…
On the effective date of the conversion, the corporate existence of the reciprocal insurer continues in the stock company. On the effective date of the conversion, the assets, rights, franchises and interests of the reciprocal insurer in and to every species of real, personal and mixed property and the accompanying thi…
(a) Compensation.--A director, officer, agent or employee of the attorney or reciprocal insurer may not receive a fee, commission or other valuable consideration, other than his usual regular salary or compensation, for aiding, promoting or assisting in a conversion under this chapter except as provided for in the plan…
If the reciprocal insurer complies substantially and in good faith with the notice requirements of this chapter, the reciprocal insurer's failure to send a subscriber the required notice does not impair the validity of an action taken under this chapter.
An action challenging the validity of or arising out of acts taken or proposed to be taken under this chapter shall be commenced no later than 30 days after the later of the approval of the plan by the commissioner or the deemed approval of the plan by a vote of the eligible subscribers.
(a) Waiver of requirements.--If a reciprocal insurer seeking to convert is insolvent or is in hazardous financial condition according to information supplied in its most recent annual or quarterly statement filed with the department or as determined by a financial examination performed by the department under Article I…
The commissioner may promulgate rules and regulations to administer and enforce this chapter.
(a) Control of stock company.--A reciprocal insurer may not convert under this chapter if, as a direct result of the conversion, a person or the person's affiliates acquire control of the stock company, unless that person and the person's affiliates comply with the provisions of section 1402 of the act of May 17, 1921…
The commissioner may waive the minimum surplus requirement of a stock company in connection with the initial licensing of a stock company that will be the successor to a reciprocal insurer. The stock company may not engage in the business of insurance as a stock company until the completion of the merger with the recip…
By endorsement or rider approved by the commissioner and sent to the policyholder, a reciprocal insurer may simultaneously with or after the adoption of a plan of conversion amend an outstanding insurance policy for the purpose of extinguishing a right of the holder of the policy to share in the surplus of the reciproc…
Except as otherwise specifically provided in section 3503 (relating to contents of plan of conversion), from the date a plan of conversion is adopted until the effective date of the plan of conversion, a person may not directly or indirectly offer to acquire, make an announcement to acquire or acquire in any manner, in…
The purpose of this chapter is to require the complete and proper disclosure, transparency and accountability relating to a method of payment for life insurance death benefits regulated by the Insurance Department.
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise: "Beneficiary." A person designated to receive the proceeds from a life insurance policy or retained asset account. "Commissioner." The Insurance Commissioner of…
(a) Comparison.--An insurer shall implement procedures for performing a comparison of its insureds' in-force life insurance policies, contracts and retained asset accounts against the same death master file, on at least a semiannual basis, by using the full death master file once and thereafter using the death master f…
This chapter shall not apply to all of the following: (1) An annuity contract that does not require the insurer to pay benefits to the beneficiary of the policy. (2) A policy that provides a death benefit under the Employee Retirement Income Security Act of 1974 (Public Law 93-406, 88 Stat. 829). (3) A Federal employee…
(a) Actions.--Upon a determination by hearing that an insurer has violated this chapter, the commissioner may pursue one or more of the following courses of action: (1) issue an order requiring the insurer to cease and desist from engaging in the violation or suspend, revoke or refuse to issue the certificate of qualif…