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The Insurance Commissioner shall, from time to time, issue regulations, except with respect to group life insurance defined in clause (2) of section 1 and in section 3, 1 prescribing the minimum group life insurance premiums to be charged for the first year of insurance, based on an examination of the experience of such insurers and on reasonable assumptions as to interest mortality and expense. No such regulation or amendment thereto shall be promulgated except upon notice and after hearing to all insurers affected thereby.
No domestic, foreign or alien life insurance company shall deliver in this Commonwealth any policy of group life insurance the premium for which shall be less than the premium prescribed in the regulations promulgated by the Insurance Commissioner. Any such policy may, however, anything in this act to the contrary notwithstanding, provide for a readjustment of the rate based on experience at the end of the first or any subsequent year of insurance, which readjustment may be made retroactive for such policy year only.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 532.9. Premium basis - last updated January 01, 2019 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-532-9/
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