Pennsylvania Statutes Title 40 P.S. Insurance § 160. Secretary of Banking; reinsurance; blanket policy for use of original policyholders

Whenever the Secretary of Banking shall purchase reinsurance under and by virtue of the authority conferred upon him by section one of the act, approved the twenty-sixth day of April, one thousand nine hundred and twenty-nine (Pamphlet Laws, eight hundred thirty-four),  1 entitled “An act requiring all title insurance companies to create and maintain a reserve; fixing the amount thereof, and regulating the same,” he may fulfill this duty by purchasing from a company, incorporated under the laws of Pennsylvania, with the right to insure titles to real estate to owners, mortgagees and others, and having a title insurance reserve of the maximum amount required by the first section of the act, approved the twenty-sixth day of April, one thousand nine hundred and twenty-nine, above recited, a blanket policy, in the name of the Commonwealth of Pennsylvania, for the use of the original policyholders; in which blanket policy, such title insurance company shall agree that it will, on demand of anyone holding an outstanding policy issued by the original company, fulfill for such demandant the same obligations as were due to the demandant under the original policy; but so far as the amount of recoverable damages is concerned, the same shall be limited in accordance with the formula set forth in section two of this act.  2