Current as of January 01, 2019 | Updated by FindLaw Staff
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(a) A fire or casualty company seeking a certificate of authority to do business in Pennsylvania shall satisfy and continue to comply with the minimum capital and surplus requirements imposed by this act.
(b) An existing fire or casualty company with capital and surplus that satisfies the requirements imposed by this act shall comply and continue to comply with the requirements of this act.
(c) An existing fire or casualty company that has capital and surplus less than the minimum requirements imposed by this act shall be required to continue to comply with the minimum capital and surplus requirements imposed by this act as of January 1, 1989, and shall not be required to meet the minimum requirements of this act. However, an existing fire and casualty company must comply with the minimum capital and surplus requirements imposed by this act, if any of the following occurs:
(1) any change in charter powers expanding the lines of insurance the company is authorized to write, except for the limited purpose of issuing policies covering homeowners multiple peril, farmowners multiple peril, mobile homeowners multiple peril, personal liability and farmers personal liability;
(2) a merger or the acquisition of beneficial ownership of more than 10% of any class of such insurer's voting stock which requires a filing pursuant to section 337.6 of this act; 1
(3) a transaction under section 809 2 that results in a transfer of ownership, or acquisition of control of such insurer through purchase or assignment of a management contract; or
(4) a change in the majority of such insurer's board of directors as a result of a single event or series of related events.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 386.1. Exclusion from minimum financial requirements - last updated January 01, 2019 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-386-1.html
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