40 Pa. Stat. § 991.1607

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 991.1607 - Withdrawal of eligibility from a surplus lines insurer

If at any time the department has reason to believe that an eligible surplus lines insurer:

(1) is in unsound financial condition;

(2) is no longer eligible under section 1605;

(3) has wilfully violated the laws of this Commonwealth; or

(4) does not make reasonably prompt payment of just losses and claims in this Commonwealth or elsewhere; the department may declare it ineligible.

The department shall promptly mail notice of all such declarations to each surplus lines licensee and, in the event the department's action is based upon paragraph (4), the notice shall be issued at least thirty (30) days prior to the effective date of the withdrawal of eligibility.

40 P.S. § 991.1607

1921, May 17, P.L. 682, No. 284, art. XVI, § 1607, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days.