Section 421 - Requisites for foreign companies to do businessNo stock or mutual insurance company or association of any other State or foreign government shall be admitted and authorized to do business until:
(a) It has filed with the Insurance Commissioner a certified copy of its charter or deed of settlement, a statement of its financial condition and business, signed and sworn to by its proper officers, and copies of forms of all policies it proposes to issue in this Commonwealth, with such other information as he may require.(b) It has satisfied the Insurance Commissioner that it is fully and legally organized under the laws of its State or government to do the business it proposes to transact. That it has, if a stock company, the requisite amount of capital fully paid up and unimpaired.(c) It shall, by a duly executed instrument filed in his office, constitute and appoint the Insurance Commissioner or his successor its true and lawful attorney, upon whom all lawful processes in any action, rule, order, or legal proceeding against it may be served; and therein shall agree that any lawful process against it which may be served upon him as its said attorney shall be of the same force and validity as if served on the company, and that the authority thereof shall continue in force irrevocable so long as any liability of the company remains outstanding in this Commonwealth.(e) It shall have actually engaged in doing an insurance business, by solicitation of insurance through agents, brokers or by mail; by assumption and underwriting of risks; by acceptance of applications for and issuance of and delivery of policies, certificates or contracts of insurance; by collection of premiums or assessments or their equivalent; by investigation, adjustment and payment of claims and losses; by filing annual financial statements and other reports and documents required by proper regulatory bodies or agencies and by complying with applicable insurance statutory enactments, in its state of domicile for a minimum period of at least one year immediately preceding its seeking admission to this Commonwealth. The requirements of this clause may be partly or entirely waived by the Insurance Commissioner with respect to any company or association which is affiliated with one or more insurers already authorized to do business in Pennsylvania. Any company or association which shall neglect or refuse to file such statement shall be subject to a penalty of five hundred dollars ($500.00), which penalty shall be collected, on an account settled by the Auditor General and State Treasurer, in the same manner as taxes on stock are settled and collected.
1921, May 17, P.L. 682, art. III, § 301. Amended 1974, Dec. 30, P.L. 1050, No. 344, § 1, imd. effective; 2002, July 10, P.L. 749, No. 110, § 1, effective in 60 days.