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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) The following insurers are exempt from this article:
(1) Monoline mortgage guaranty insurers.
(2) Financial guaranty insurers.
(3) Title insurers.
(4) Foreign or alien fraternal benefit societies.
(b) A domestic property or casualty insurer that meets all of the following conditions is exempt from this article unless the commissioner makes a specific finding that application of this article to the insurer is necessary for the commissioner to carry out statutory responsibilities:
(1) Writes direct business only in this Commonwealth.
(2) Writes direct annual premiums of ten million dollars ($10,000,000) or less or such higher amount as the commissioner may order in five-year intervals as necessary to reflect the impact of inflationary factors.
(3) Assumes no reinsurance in excess of five per centum of direct premium written except for assumed reinsurance of business directly written in this Commonwealth if the assuming insurer's total annual net written premium, direct plus assumed minus ceded, is ten million dollars ($10,000,000) or less.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 221.13-A. Exemptions - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-221-13-a/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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