Pennsylvania Statutes Title 40 P.S. Insurance § 400. Certificate to Insurance Commissioner

Whenever one-half of the capital stock and paid in surplus of any stock insurance company mentioned in the articles of agreement has been subscribed, and twenty per centum (20%) of the total subscription price on each share paid into the hands of the treasurer of the company, the president, treasurer, and a majority of the directors, shall, under their respective oaths or affirmations, make a certificate to the Insurance Commissioner stating:  (a) The number and par value of the shares of stock in said company;  (b) the names and residences of the subscribers;  (c) the number of shares subscribed by each;  (d) the amount paid in on each share;  (e) the amount of money in the hands of the treasurer on account of such payments;  and (f) where the same is deposited.

Whenever applications for insurance, in the case of a mutual insurance company, have been received in sufficient number and amount, the president, treasurer, and the majority of the directors of such company, shall, under their respective oaths or affirmations, make a certificate to the Insurance Commissioner stating:  (a) The names and residences of the persons applying for insurance in such company;  (b) the amount agreed to be taken by each;  and (c) the amount of money in the hands of the treasurer.

In the case of mutual life insurance companies, in addition to the certificate above required, as soon as the guarantee capital has been subscribed, and fifty per centum (50%) thereof has been paid in lawful money to the treasurer and the subscribers' obligations given for the remaining fifty per centum (50%) thereof, the president, treasurer, and a majority of the directors, shall, under their respective oaths or affirmations, make a certificate to the Insurance Commissioner stating:  (a) The number and par value of the shares of guaranty stock in said company;  (b) the names and residences of the subscribers;  (c) the number of shares subscribed by each;  (d) the amount paid in on each share;  (e) the form of obligations taken for the unpaid moiety;  (f) the amount of money in the hands of the treasurer;  and (g) where the same is deposited.

Except as otherwise provided, no board member nor employee of the board shall have any personal interest in the gains or profits of any investment made by the board;  nor shall any board member or employee of the board, directly or indirectly, for the member or employee or as an agent, in any manner for the member or employee or as an agent, in any manner use the gains or profits except to make the current and necessary payments authorized by the board;  nor shall any member or employee of the board become an endorser or surety, or in any manner an obligor, for money loaned to or borrowed from the board.