Section 964 - Declaration to be filed with Insurance Commissioner; contentsSuch subscribers, so contracting among themselves, shall, through their attorney, file with the Insurance Commissioner of this Commonwealth a declaration verified by the oath of such attorney, setting forth:
(a) The name or title of the office at which such subscribers propose to exchange such indemnity contracts. Such name or title shall not be so similar to any other name or title previously adopted by a similar exchange or association or by any insurance company as, in the opinion of the Insurance Commissioner, is calculated to result in confusion or deception.(b) The kind or kinds of insurance to be effected or exchanged.(c) A copy of the form of policy, contract, or agreement, under or by which such insurance is to be effected or exchanged.(d) A copy of the form of power of attorney, or other authority of such attorney, under which such insurance is to be effected or exchanged, and which shall provide that the liability of the subscribers, exchanging contracts of indemnity, shall make provision for contingent liability, equal to not less than one additional annual premium or deposit charged: Provided, however, That where an exchange has a surplus equal to the capital and surplus required of a stock insurance company transacting the same kind or kinds of business, its power of attorney need not provide for such contingent liability of subscribers, and such exchange, so long as it maintains such surplus, may issue to its subscribers policies or contracts without contingent liability.(e) The location of the office or offices from which such contracts or agreements are to be issued.(f) That applications have been made for indemnity upon at least one hundred (100) separate risks, aggregating not less than one and one-half million ($1,500,000) dollars, as represented by executed contracts effective, or, in case of employes' liability or compensation insurance, covering a total payroll of not less than one and one-half million ($1,500,000) dollars.(g) That there is in the possession of such attorney, and available for the payment of losses, a sum of not less than one hundred thousand ($100,000) dollars.1921, May 17, P.L. 682, art. X, § 1004. Amended 1925, May 12, P.L. 584, § 1; 1929, April 9, P.L. 464, § 1; 1939, June 24, P.L. 683, § 1; 1992, Dec. 18, P.L. 1519, No. 178, § 17, effective in 120 days.