40 Pa. Stat. § 621.3

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

Section 621.3 - $5,000 and $10,000 policies; capital; capital stock; surplus

Any limited life insurance company, in addition to powers heretofore granted to it, is hereby specifically empowered to issue policies agreeing to pay a total of not more than five thousand dollars ($5,000) in event of death from natural causes nor more than ten thousand dollars ($10,000) in event of death from accidental causes, and may issue policies of endowment insurance agreeing to pay not more than five thousand dollars ($5,000) upon maturity thereof: Provided, That the total amount of insurance issued by the company on any one life shall not exceed the limits stated in this section: And provided, such company meets the capital and surplus requirements stated below.

(1) In the case of stock companies, such company shall have a capital of one hundred fifty thousand dollars ($150,000) and shall have, in addition thereto, a surplus paid in at least equal to one-half the amount of its capital stock. Any limited life insurance company may revise its capital stock structure so that it shall have a capital stock of one hundred fifty thousand dollars ($150,000) divided into shares of not less than ten dollars ($10) par value, payment for which shall be made in lawful money at the time of subscribing.

(2) In the case of mutual companies such company shall have surplus in the sum of not less than one hundred fifty thousand dollars ($150,000).

40 P.S. § 621.3

1959, Dec. 30, P.L. 2095, § 1.