Section 7901 - DefinitionsThe following terms, when used in this article, shall have the meaning ascribed to them in this section:
(1)"Insurance company" means every insurance company, association or exchange, incorporated or organized by or under the laws of this Commonwealth, the United States, territories, dependencies, other states, or foreign governments, and engaged in transacting insurance business of any kind or classification within this Commonwealth, except title insurance companies subject to tax under Article VIII or XVI of this act, as the case may be, except purely mutual beneficial associations whose funds for the benefit of members and families or heirs are made up entirely of the weekly, monthly, quarterly, semi-annual or annual contributions to their members and the accumulated interest thereon and corporations organized under the act of June 21, 1937 (P.L.1948), known as the "Nonprofit Hospital Plan Act," and the act of June 27, 1939 (P.L. 1125), known as the "Nonprofit Medical, Osteopathic, Dental and Podiatry Service Corporation Act." (2)"Gross premiums" means premiums, premium deposits or assessments received by any insurance company, whether received in money or in the form of notes, credits, or any other substitutes for money, and whether collected in this Commonwealth or elsewhere. Gross premiums shall not include: (i) amounts returned on policies canceled or not taken; (ii) premiums received for reinsurance; (iii) in the case of mutual insurance companies, associations, exchanges, and stock companies with participating features, that portion of the advanced premiums, premium deposits or assessments returned in cash or credited to members or policyholders, whether as dividends, earnings, savings, or return deposits, upon the expiration or termination of their contracts; and (iv) notes or other obligations received by mutual insurance companies to secure contingent premium liabilities to the extent that no assessment has been made and collected against said notes or obligations.(3) Deleted by 1995, June 30, P.L. 139, No. 21, § 11, effective July 1, 1995.(4)"Assessment" means an assessment imposed by the guaranty association pursuant to section 1808 of the act of May 17, 1921 ( P.L. 682, No. 284), known as "The Insurance Company Law of 1921."(5)"Guaranty association" means the Pennsylvania Property and Casualty Insurance Guaranty Association created pursuant to section 1803 of the act of May 17, 1921 (P.L. 682, No. 284), known as "The Insurance Company Law of 1921." (6)"Member insurer" means an insurance company, association or exchange which is required to participate in the guaranty association pursuant to Article XVIII of the act of May 17, 1921 (P.L. 682, No. 284), known as "The Insurance Company Law of 1921." (7)"Assessment base" means the amount of net direct written premiums used by the guaranty association to calculate a member insurer's assessment on an account under section 1808 of the act of May 17, 1921 (P.L. 682, No. 284), known as "The Insurance Company Law of 1921."Amended by P.L. 751 2012 No. 85, § 7, eff. 7/2/2012.1971, March 4, P.L. 6, No. 2, art. IX, § 901. Amended 1971, Sept. 9, P.L. 437, No. 105, § 3, imd. effective; 1983, Dec. 1, P.L. 228, No. 66, § 6, imd. effective; 1991, Aug. 4, P.L. 97, No. 22, § 26, imd. effective; 1995, June 30, P.L. 139, No. 21, § 11, effective July 1, 1995; 2000, May 24, P.L. 106, No. 23, § 10, imd. effective; 2001, June 22, P.L. 353, No. 23, § 15, effective July 1, 2001.