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Pennsylvania Statutes Title 40 P.S. Insurance § 991.1607. Withdrawal of eligibility from a surplus lines insurer

Current as of January 01, 2025 | Updated by Findlaw Staff

If at any time the department has reason to believe that an eligible surplus lines insurer:

(1) is in unsound financial condition;

(2) is no longer eligible under section 1605;  1

(3) has wilfully violated the laws of this Commonwealth; or

(4) does not make reasonably prompt payment of just losses and claims in this Commonwealth or elsewhere;

the department may declare it ineligible.

The department shall promptly mail notice of all such declarations to each surplus lines licensee and, in the event the department's action is based upon paragraph (4), the notice shall be issued at least thirty (30) days prior to the effective date of the withdrawal of eligibility.

1 40 P.S. § 991.1605.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 40 P.S. Insurance § 991.1607. Withdrawal of eligibility from a surplus lines insurer - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-40-ps-insurance/pa-st-sect-40-991-1607/

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