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Current as of January 01, 2022 | Updated by FindLaw Staff
Any stockholder or member elected to the post of director or trustee shall continue in office unless the insurance commissioner, after such investigation as he deems proper, shall determine that the responsibility, character, and general fitness for the business, of such individual are not such as to command the confidence of the public, and to warrant the belief that the business of the company will be honestly and efficiently conducted in accordance with the intent and purpose of this act. Any adjudication by the insurance commissioner pursuant to this section shall be subject to the provisions of the “Administrative Agency Law,” Act of June 4, 1945 (P.L. 1388). 1
Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 429. Election of directors and trustees; terms; vacancies - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-429/
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