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Pennsylvania Statutes Title 40 P.S. Insurance § 386.2. Additional capital and surplus

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(a) In addition to the minimum capital and surplus required for an insurance company to qualify for authority to transact one or more of the classes of insurance set out in section 202   1 of this act, the Insurance Commissioner shall have the authority to require additional capital and surplus based upon the nature, type and volume of insurance a company is transacting or proposes to transact.

(b) Whenever the Insurance Commissioner believes, from evidence satisfactory to him, that an insurance company has failed to meet the capital and surplus required by this section, the Insurance Commissioner may, in his discretion:

(1) disapprove an insurance company's request for a certificate of authority, or amendment thereto;  or

(2) otherwise restrict, as provided by law, a company's authority to transact business within this Commonwealth.

Before the Insurance Commissioner shall take any action as above set forth, he shall give written notice to the company stating specifically the nature of the proposed action and within thirty (30) days from the date of mailing of such notice to the company, such company may make written application to the Insurance Commissioner for a hearing thereon, and such hearing shall be held within thirty (30) days after receipt of such application.

1  40 P.S. § 382.

Cite this article: - Pennsylvania Statutes Title 40 P.S. Insurance § 386.2. Additional capital and surplus - last updated January 01, 2019 |

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