40 Pa. Stat. § 621.2

Current through Pa Acts 2024-53, 2024-56 through 2024-111

Section 621.2 - Powers

All limited life insurance companies are hereby specifically empowered to issue policies agreeing to pay not more than fifty dollars ($50.00) per week in the event of disablement from sickness or accident; nor more than one thousand dollars ($1,000.00) in the event of death from natural causes, nor more than two thousand dollars ($2,000.00) in the event of death from accidental causes, and to issue policies of endowment insurance subject to the condition hereinafter provided, notwithstanding any limitation to the contrary established by the act of Assembly pursuant to which such corporation shall have been incorporated or reincorporated or by any other act of Assembly or by the provisions of its charter.

Any such company may issue policies agreeing to pay not more than one thousand five hundred dollars ($1,500.00) in the event of death from natural causes, nor more than double that amount in the event of death from accidental causes, provided it has

(a) In the case of stock companies, a capital of fifty thousand dollars ($50,000.00) and in addition thereto has accumulated a surplus in the sum of at least twelve thousand five hundred dollars ($12,500.00), or

(b) In the case of mutual companies, accumulated a surplus in the sum of at least fifty thousand dollars ($50,000.00).

Any such companies may issue policies of endowment insurance agreeing to pay not more than one thousand five hundred dollars ($1,500.00) upon maturity thereof, provided it has

(a) In the case of stock companies, a capital of one hundred thousand dollars ($100,000.00), and in addition thereto, has accumulated a surplus in the sum of at least twenty-five thousand dollars ($25,000.00), or

(b) In the case of mutual companies, accumulated a surplus in the sum of at least one hundred thousand dollars ($100,000.00).

Any such company may issue policies agreeing to pay in excess of the weekly limitations herein prescribed, but not exceeding one hundred five dollars ($105.00) per week and agreeing to pay an additional benefit for hospital and medical expenses for any one sickness or accident not exceeding three hundred dollars ($300.00) in the event of disablement from sickness or accident, provided such policies limit payment of benefits to periods during which insured shall have been admitted as a patient into and as such be necessarily wholly and continuously confined within a duly licensed and incorporated hospital, provided it has:

(a) In the case of stock companies, additional capital of twenty-five thousand dollars ($25,000.00), and has accumulated additional surplus in the sum of at least twenty-five thousand dollars ($25,000.00), or

(b) In the case of mutual companies, accumulated additional surplus in the sum of at least twenty-five thousand dollars ($25,000.00).

Such additional capital and additional surplus as required by clauses (a) and (b) of this paragraph shall be deemed to be capital and surplus additional to that required by any of the previous paragraphs of this section or by the act under which such company was incorporated or reincorporated.

40 P.S. § 621.2

1939, June 24, P.L. 685, § 2. Amended 1943, April 26, P.L. 88, § 1; 1945, May 15, P.L. 566, § 1; 1947, June 10, P.L. 511, § 1; 1951, May 25, P.L. 414, § 1; 1956, Feb. 3, P.L. (1955) 1004, § 1.