Pennsylvania Statutes Title 40 P.S. Insurance § 634. Penalties; revocation of license

Any foreign stock or mutual fire insurance company, association, or exchange violating or failing to observe and comply with any of the provisions of sections five hundred and one (501), five hundred and two (502), and five hundred and three (503) of this act,  1 shall be subject to a penalty of five hundred dollars ($500) for each violation thereof. Such penalty, upon satisfactory evidence of the violation of any of the preceding sections by any foreign stock or mutual fire insurance company, association, or exchange, may be imposed by the Insurance Commissioner. Any such fire insurance company, association, or exchange which shall neglect and refuse, for thirty days after the imposition of any penalty by the Insurance Commissioner, to pay and discharge the amount thereof shall have its authority to transact business in this State revoked by the Insurance Commissioner, and such revocation shall continue for at least one year from the date thereof. No such fire insurance company, association, or exchange, whose authority to transact business in this State shall have been so revoked, shall be again authorized or permitted to transact business herein until it shall have paid the amount of any such penalty, and shall have filed in the office of the Insurance Commissioner a certificate, signed by its president or other chief officer, to the effect that the terms and obligations of the provisions of this act are accepted by it as a part of the conditions of its right and authority to transact business in this State. Before the Insurance Commissioner shall take any action as above set forth, he shall give written notice to the person, company, association, or exchange accused of violating the law, stating specifically the nature of such alleged violation, and fixing a time and place, at least ten (10) days thereafter, when a hearing of the matter shall be held. After such hearing or upon failure of the accused to appear at such hearing, the Insurance Commissioner shall impose such of the above penalties as he deems advisable.