40 Pennsylvania Consolidated Statutes Chapter 35 - Medical Professional Liability Reciprocal Exchange-to-stock Conversion

• Chapter Notes
• Section 3501 - Definitions
  The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly...
• Section 3502 - Adoption Of Plan Of Conversion
  (a) Plan of conversion.--The following shall apply: (1) A plan of conversion may not become effective unless the reciprocal insurer seeking to convert to...
• Section 3503 - Contents Of Plan Of Conversion
  (a) Contents.--The following provisions shall be included in a plan of conversion: (1) The reasons for proposed conversion. (2) The effect of conversion on...
• Section 3504 - Optional Provisions Of Plan Of Conversion
  (a) Subscription rights.--The plan may provide that the directors and officers of the attorney and the reciprocal insurer shall receive, without payment, nontransferable subscription...
• Section 3505 - Alternative Plan Of Conversion
  A plan of conversion may be adopted that does not rely in whole or in part upon issuing nontransferable subscription rights to subscribers to...
• Section 3506 - Effective Date Of Plan
  A plan is effective when the following have been completed: (1) The commissioner has approved the plan. (2) The eligible subscribers have approved the...
• Section 3507 - Rights Of Subscribers Whose Policies Are Issued After Adoption Of Plan And Before Effective Date
  (a) Notice.--A subscriber shall be sent a written notice regarding the plan upon issuance of a policy if the subscriber's policy is issued after...
• Section 3508 - Corporate Existence
  On the effective date of the conversion, the corporate existence of the reciprocal insurer continues in the stock company. On the effective date of...
• Section 3509 - Conflict Of Interest
  (a) Compensation.--A director, officer, agent or employee of the attorney or reciprocal insurer may not receive a fee, commission or other valuable consideration, other...
• Section 3510 - Failure To Give Notice
  If the reciprocal insurer complies substantially and in good faith with the notice requirements of this chapter, the reciprocal insurer's failure to send a...
• Section 3511 - Limitation On Actions
  An action challenging the validity of or arising out of acts taken or proposed to be taken under this chapter shall be commenced no...
• Section 3512 - Reciprocal Insurer Insolvent Or In Hazardous Financial Condition
  (a) Waiver of requirements.--If a reciprocal insurer seeking to convert is insolvent or is in hazardous financial condition according to information supplied in its...
• Section 3513 - Rules And Regulations
  The commissioner may promulgate rules and regulations to administer and enforce this chapter.
• Section 3514 - Laws Applicable To Stock Company
  (a) Control of stock company.--A reciprocal insurer may not convert under this chapter if, as a direct result of the conversion, a person or...
• Section 3515 - Licensing Of Stock Company And Commencement Of Business As An Insurance Company
  The commissioner may waive the minimum surplus requirement of a stock company in connection with the initial licensing of a stock company that will...
• Section 3516 - Amendment Of Policies
  By endorsement or rider approved by the commissioner and sent to the policyholder, a reciprocal insurer may simultaneously with or after the adoption of...
• Section 3517 - Prohibition On Acquisition Of Control
  § 3517. Prohibition on acquisitions of control. Except as otherwise specifically provided in section 3503 (relating to contents of plan of conversion), from the...

Last modified: October 8, 2016