Current as of January 01, 2019 | Updated by FindLaw Staff
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(a) Payments under section 304(a)(1) hereof 1 shall be made only upon direction of the Treasurer of the Commonwealth and after receipt by him of a claim from the Federal reinsurance facility. Prior to the making of such payment the authority shall make such investigation as it may deem appropriate in order to verify the correctness of the claim made by the Federal reinsurance facility.
(b) The total amount of any such payments made during any calendar year shall not exceed five per cent of the aggregate property insurance premiums earned in the Commonwealth during the preceding calendar year on those lines of insurance reinsured by the Federal reinsurance facility in the Commonwealth during the current year.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 1600.305. Reimbursement payments to Federal reinsurance facility; necessity for claim by Federal reinsurance facility; limitation on amount of payments - last updated January 01, 2019 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-1600-305/
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