Pennsylvania Statutes Title 40 Pa.C.S.A. Insurance § 3501. Definitions

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.

“Department.” The Insurance Department of the Commonwealth.

“Eligible subscriber.” A subscriber of a reciprocal insurer whose policy is in force on at least one of the following dates:

“Participating policy.” A policy that grants a holder the right to receive dividends if, as and when declared by the reciprocal insurer.

“Person.” An individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, a similar entity or a combination of the foregoing acting in concert.

“Plan of conversion” or “plan.” A plan adopted under this chapter to convert the reciprocal insurer into a stock company by the subscribers' advisory committee or an equivalent governing body of the reciprocal insurer or, in the absence of a governing body, by the board of directors or governing body of the attorney for the reciprocal insurer.

“Policy.” An insurance policy issued by the reciprocal insurer.

“Reciprocal insurer.” A Pennsylvania-domiciled reciprocal and inter-insurance exchange, as established in Article X of the act of May 17, 1921 (P.L. 682, No. 284),  1 known as The Insurance Company Law of 1921, that is authorized to write medical professional liability insurance and at least 50% of its direct written premium in the calendar year preceding adoption of the plan of conversion consisted of medical professional liability insurance.

“Stock company.” An insurance company that: