40 Pa. Stat. § 461

Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 461 - Failure to do business; dissolution

If any stock or mutual insurance company does not commence to issue policies within one year from the date of its letters patent, or if any insurance company shall cease for one year to make new insurances, its corporate powers and existence shall cease, and the court, upon petition of the Attorney General, may fix by decree the time within which it shall settle and close its affairs.

40 P.S. § 461

1921, May 17, P.L. 682, art. III, § 339. Amended 1968, April 17, P.L. 94, No. 43, § 1.