40 Pa. Stat. § 495.1

Current through Pa Acts 2024-35, 2024-56

Section 495.1 - Definitions

As used in this act:

(1)"Alien insurer" means any insurer incorporated or organized under the laws of any foreign nation or of any province or territory other than a state of the United States, the Commonwealth of Puerto Rico or the District of Columbia.

(2)"Domestication" means the reorganization of the United States branch of an alien insurer as the result of which a domestic stock insurance company shall succeed to all the business and assets and assume all the liabilities of the United States branch of the alien insurer.

(3)"United States branch" means the business unit through which business is transacted within the United States by an alien insurer and the assets and liabilities of such insurer within the United States pertaining to such business.

(4)"Regulatory state" means the state in the United States pursuant to the laws of which the assets of the United States branch of the alien insurer are trusteed.

(5)"Domestic insurer" means a stock insurance company incorporated under the laws of the Commonwealth of Pennsylvania.

40 P.S. § 495.1

1974, Dec. 10, P.L. 804, No. 266, § 1.